The dips have been bought. Looking for buyers here….
The EURJPY is trading at session lows and in the process is looking to test its 100 day MA for the 4th day in a row.
The low on Tuesday, stalled just ahead of the level at 129.32 and bounced to a Wednesday high at 130.49.
On Wednesday, the price tumbled to the MA near the close, and into the Thursday Asian session. The price did crack below the MA to a week’s low of 129.204, but could not keep the momentum going. The up and down rally on Thursday and into today, reached a peak today at 130.49 — the exact high from Wednesday. Double top. Sellers took the cue and sold back below the 100 hour MA (blue line) at 129.888.
The price decline is now looking to test that key MA again at 129.364. Look for buyers to lean with risk defined and limited on a break of the week’s lows.