Since the EURJPY touched its low of 137.377 on the 3rd of January, the currency has been on a five-day-long uptrend, resulting in an increase of 544 pips.
The cost soared to 142.85, nevertheless this was not enough for it to surpass the 100 day MA at 143.026. Even the peak rate today did not exceed the December 28 high of 142.926. If it were to move past both those boundaries (and the 61.8% retracement at 143.15) it would give the purchasers more control/confidence.
The pair is currently situated within a limited range from 142.286-142.487, which is also halfway between the December 15 peak of 142.048. A retreat beneath the midpoint of this area would indicate increased bearish activity.
