Pair tries to stay above MA level
The EURJPY moved above the 200 bar MA on the 4-hour chart today. The last time the pair tried that was on the Brexit day. That was rejected. The time before that (on May 30 and May 31), the break lasted about nine 4-hour bars before giving up and resuming the trend lower.
Today, the price moved above the line a few times and failed (see red areas on the 5-minute chart below). Are the buyers not into the break?.
The last move higher has seen new highs and a correction back to the MA line.
I get the feeling this is the last straw for the buyers to show they mean business on a break. Hold and move away (to the upside). Fail and the buyers turn back to sellers and we go/probe lower from here.
