Forex technical analysis: EURJPY holds support. Waffles.

Technical Analysis

Author: Greg Michalowski | eurjpy

Do you like it?  Does it just waffle.

The EURJPY has been waffling back and forth over the last four trading days with the lows at 120.206 and the high at 121.314.  

Looking at this weeks trading price action, 
  • Monday traded higher before fading down. 
  • On Tuesday, the pair consolidated on the downside, and closed higher.  
  • Today, the price has been up and down and up and down.  
Looking at the price action, we did move to new week highs today (above 121.160) but fell short of the high from Friday. That high stalled at the 50% of the move down from Jan 27 (at 121.314).  Sellers leaned on the test  

Today's lows stalled at the 100 hour MA (currently at 120.776 and moving higher).  We currently trade at 120.929. Buyers leaning against that support.  

The market is leaning against a key level above. 
The market today is leaning against an intermediate level

Technically, we can move either way.  A break below the 100 hour MA would be more bearish.   

Pick your spots.  Look for the momentum on any break.