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EURJPY waffles around a cluster of technical levels


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Low from April 26.   38.2% retracement.  Underside of trend line.

The EURJPY waffles around a cluster of technical levels at the 124.07 area. The low from April 26th comes in at 124.082. The 38.2% comes in at 124.069. The underside of an old trend line (see blue numbered circles) comes in at 124.097.  

The high for the day did move to 124.20, but the price came back down.   The pair currently trades at 124.05 – right around that cluster.  
The EURJPY’s consolidation at a technical area corresponds with the USDJPYs slowing ahead of the 111.00-04 area.  For the EURUSD, the price continues to waffle betweeen the 200 hour MA below at 1.11788 and the 100 hour MA above at 1.11973.  The pair trades at 1.1191 (see earlier post).
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