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Forex Trading: EURJPY Traders Use The 100 Bar MA As Borderline To Trade Against
Written by article default Tuesday, 18 January 2011 14:42
The EURJPY has tested 100 bar MA on the 5 minute chart on two separate occassion (the last time at 109.92) in the NY session and each time traders used the level as a borderline to sell against. The range is narrow but support comes in at 109.71 along trendline support. A move below the level should lead to further selling pressure on the break of the bear flag formation. The low for the day at the 109.56 level would be the next target for the pair. Not far below that level is the 100 hour MA (see blue line below) which is currently at the 109.42 level.
A move above the 100 bar MA should lead to another test of the 38.2% retracement of the days trading range.