EURJPY taking back the losses. Back above the 100 day MA

The EURJPY moved lower in early trading and in the process fell below the 100 day MA for the first time since US election day (at 119.32).

Cracking that MA, kicked the pair lower. You can see it on the 5-minute chart. The market was watching and the price tumbled.

The France headlines, goosed the EURUSD higher and with it the EURJPY has reversed as well. That 100 day MA was rebroken - this time to the upside - and shorts covered.

The markets are more volatile now but the price is back above that key MA. It still matters. Traders in it, will look to that line as support.

ON the topside, the 382.% of the move down from last week's highs comes in at 119.615. The close from yesterday was 119.76. Those now become targets for those who got long.

When you get a quick move like we just got, traders get more nervous. The level of risk/fear increased as well. That can make markets more choppy as traders who were short likely covered or may have had their trade ideas redefined (may look for a dip to get out). There are longs that get out a jail and are feeling better, but there may also be traders who get caught chasing.

We are back down testing the 100 day MA as I type. Will it hold? This is the test.