Back in the middle of the trading range
The EURJPY has extended above its 100 hour MA at 130.928 and also the 50% retracement of the move down from the March 13th high at 131.012. There are also a number of swing levels in the 130.928 to 131.012. Above sits the 200 hour at 131.168. A move above that level would add to the bullish momentum.
The move higher did extend the trading range for the day. Earlier, before the NY stock opening, the pair move to 130.96 – just ahead of the 50% level – and sold off to 130.41 (see red circle 8)..
The move back higher is the second run to the resistance targets. A move back below the 100 hour MA will be eyed for a failure.
The pair is also largely ignoring the sharp fall in stocks which tends to weaken the JPY pair, but not today.