USDJPY rallying. EURUSD correcting.

The EURJPY tumbled lower after the US employment report and has been rising ever since. The correction back higher just peaked near the closing level from yesterday at the 132.49 level (the high 132.45).

The USDJPY has been a steady riser since the jobs report, while the EURUSD found buyers at 1.0700 and has been wandering higher to a ceiling at 1.0750. That is the recipe for the move higher. Having said that the pair is approaching not only the close from yesterday, but the 100 hour MA near the same level and the EURUSD has tested the 1.0750 level and seems to have held. The price is back down.

Having said that the pair is approaching not only the close from yesterday, but the 100 hour MA near the same level and the EURUSD has tested the 1.0750 level and seems to have held. The price is back down. That should help keep a lid on it.