Cracks the 200 hour MA
The EURJPY has gotten a boost from a stronger USDJPY but it has not been all on that surge. Looking at the hourly chart of the EURJPY below, the pair yesterday and today held support against the 100 bar moving average on the 4-hour chart (blue step line in the chart below). That was a bullish catalyst for the move higher as well.
The pair is currently making the next break above the 200 hour MA. That MA line comes in at 114.956. In yesterday's trade, the price stalled at that moving average line before breaking below. Today, there has been a cursory stall, but the pair is breaking higher as I type. The next target at the 115.13-20 should be more difficult level to break on a test. It corresponds with the 50% retracement and 100 hour moving average.
Stocks are near unchanged levels which has helped the JPY pairs (the S&P index is flirting with key support at the 100 day MA and trend line support - see post from yesterday). A more bearish move technically seems to have been averted in the stock market and that is helping the tone in the USDJPY and JPY crosses like the EURJPY.