The EURJPY continues to stay above 200 day MA. Can it stay that way?
The 200 day MA comes in at 132.129
The EURJPY moved above its 200 day MA at 132.129 in trading yesterday. The price remains above that MA line currently (trading at 132.24 as I type) The price in March tested that line on two separate occasions and stalled each time. So the break is a change in the bias.
For traders stay above that line will be eyed. Stay above is more bullish. Move below could easily turn the buyers into sellers once again.
The next key topside target is the 100 day MA at 132.976. You have to go back to Feb 7th for a close above that MA line. That level – like the 200 day MA – is a key technical target and would help confirm the more bullish bias.
The buyers are trying to hold onto the bias, but the risk level is defined and will help limit the risk if that line is broken.
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