Technical Analysis

Up, up and up…

The EURJPY has moved up from the start today and just kept stretching higher and higher and higher. 

The price has extended more recently above the 38.2 at 123.93 and moved up to test a topside channel trend line at 124.15.   A move above that level will next target a swing area between 124.24 to 124.30 and above that the 50% of the move down from the September 10 high. That level comes in at 124.412.

What would spoil the bullish party?

Close support comes in at 123.83. A move below that level now (it is the low of a swing area between 123.83 to 124.00) and there should be some additional downside probing.   The lower channel trend line would be eyed.  

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