July 30, 2024 at 08:33PM
The EURJPY moved higher earlier today, breaking above the 100-hour MA (blue solid line on the chart below) in the process (currently at 166.679. The subsequent move higher extended toward the 100-day MA (step blue line on the chart below) in the Asian and early European session, but fell short of that target at 167.98. The high price reached 167.89 – just 9 pips from the target MA level. Sellers were leaning ahead of the key level.
The subsequent move lower extended back to the 100-hour MA where buyers initially bought against the level near the start of the US session.
Stock selling and reports of the BOJ action, sent the JPY higher and the EURJPY below the 100-hour MA at 166.679, with the dip buyers, returning to selling.
The price has now moved to a low of 165.44. The low price last week reached 164.82.
A move below that level, will have traders looking toward the 50% of the move up from the December 2023 low. That level comes in at 164.288. The rising 200-day MA (lower green line on the chart below) is below that level at 164.06.
This article was written by Greg Michalowski at www.forexlive.com.
