Highs between 124.99 and 125.128 halt the rally
EURJPY moved higher in trading today but stalled at 125,117. It was just below the November high at 125.128 and just above the October highs at 124.99 and 125.076. The inability to extend above the ceiling led to a lower rollover.
Breaking through on the hourly chart, the price fell back to an uptrend line and an oscillation area between 124.49 and 124.56 (see red numbered circles and yellow area). Earlier today, price first attempted to expand above the area, only to fail. The second try, however, found buyers against the level.
Move below this area and the pair will have traders looking towards the MA up 100 hours (blue line in the chart below) at 123.323.
With the price testing the swing zone, it is decision time for buyers and sellers. Will the support hold and the price will increase? Or will the zone be broken and lead to more polls lower?