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.
- The 100 bar MA found some buyers leaning against the line (blue line in the chart above)
- The price moved above the downward sloping trend line
- 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...