Most price action since March 31 confined to 129.567 to 130.678 (111 pips)
The EURJPY remains stuck with most of the price action since March 31 between 129.567 to 130.678. There was a failed break outside the range on Tuesday where the high extended to 130.965, but 6 hourly bars later the price was trading back below the higher extreme. Putting it in terms of hourly bars, the number of total bars since March 31 is up to 400 in total. Of those 6 traded outside the range (to the upside).
That up and down dynamic is not going to last forever. The market will break and get a bigger trend like move. For now however, the pair remains confined by the extremes.
Looking at the technicals, the price action move above the 100/200 hour MA earlier today led to a further run higher on the break. However, the momentum faded and by the end of the next bar, the price had reversed and moved back below those key, midrange 100/200 hour MAs.
The low today stalled at 129.68 which is the high of the lower extreme. Buyers leaned. The price rebound has taken the price to between the 100/200 hour MAs above at 130.125 to 130.205 and the swing lows at 129.56 to 129.689 below. What’s the bias? I give a small nod to the negative side with the price below the 100/200 hour MAs.
The ups and downs is getting old. That has me thinking a break soon. Be aware. We could see a break and run soon.