Looking for a break
The EURJPY is confined in a range below topside trend line and around the 50% of the move down from the Feb 25 high (start of the trend).
A topside trend line currently comes in at 131.44. The mid-point retracement level is at 131.12. A lower trend line connecting most recent lows on the hourly chart come in at 130.75.
I don't think there is any hurry in trading the pair as activity remains choppy and consolidating. Traders ans look for a momentum break away from the midpoint to ignite a move. Looking at the 5 minute chart, the 200 bar MA is showing support, but it is hard to get excited when the largest bounce is 33 pips. Subsequent rallies are 23 and 15 pips. If a market is to break, there needs to be some sign that buyers or sellers are taking control. So far, that clue is not being seen. Patience.
