It is a start...

The EURJPY intraday chart still shows that the pair is down on the day, but traders are trying to build on some bullish developments in the short term.

  1. The 100 bar MA found some buyers leaning against the line (blue line in the chart above)
  2. The price moved above the downward sloping trend line
  3. The price is currently testing the 112.00-02 area where the last swing high was printed earlier in the day. A move above and that would be more bullish for the pair.

Other targets above would include the 38.2% of the move down from the high right before the trend move lower. That level comes in at 112.199. Above that the 112.38 area was a floor area from late yesterday/early today.

The price remains well below the 100 and 200 hour MAs on the hourly chart. So I would not say the buyers are totally in control, but from the recent price action, there is some buying that is helping the pair. Trades at 112.16 as I type as 112.02 is taken out...