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EURJPY tests end of August high and backs off


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Stocks give up gains

The EURJPY moved away from the 100 day MA at 129.188 yesterday and into today. 

The US data (helped stocks) and Draghi’s more positive comments, sent the pair higher. 
However, the pair has stalled just ahead of the end of August high at 130.858. The high reached 130.811.  We currently trade around 130.60 area.  
The stall may have been encouraged by the dip back in the stocks.  The Nasdaq was up over 1% at the high. It is up 0.58% now. The S&P and Dow have also had similar declines.   If the gains are further eroded (Trump comment on China was the catalyst there), that would lead to further declines.  
Technically on the downside, the 130.25-28 area is the an area to eye. It is the 38.2% of the move up in the NY session.  It also is home to swing highs and lows the last time the price moved higher (see green numbered circles on the chart above).  Seller against the highs, would be more comfortable on a move below that level (and buyers uncomfortable).
Over in the EURUSD (which was a catalyst), the price has moved back below the 100 day MA.
   
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