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EURJPY breaks above a topside trend line. 100 day MA eyed.

August 24, 2018 by admin 0 Comments

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Trend line break at 129.16

The EURJPY has gotten a boost on the surge higher in the EURUSD. In the process, the pair has moved above a topside trend line at 129.16. That is a risk for the longs now.

Although the break is higher, the pair is moving toward the 100 day MA at 129.612. The high for the day reached 129.40. The current price is off that level at 129.24. The price was last above the 100 day MA back on August 2nd.

Looking at the daily chart below, a trend line connecting the July highs cuts across near that MA line. So there is strong overhead resistance that may give cause for pause at the area.