Forex technical analysis: EURJPY moves to key resistance

If the traders love the EURUSD, they may also need to love the EURJPY

The EURUSD buyers are loving the EURUSD a bit more over the last few minutes and at the same time, there is some love toward the EURJPY as well. It spiked higher at the same time and moved to test its 100 and 200 hour MAs (blue and green lines at the 129.44 area. Both moving averages are with a few pips (100 hour MA at 129.439 and 200 hour MA at 1.29453).

The high just reached 129.46. A move above is more bullish. Right now, however, we are seeing sellers lean against the low risk technical level, but look for stops on a break above (and that in turn may/should also help the EURUSD as well).

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