The EURJPY has key resistance at the 122.42 level. The level corresponds with the 61.8% of the move up from the Jan 2009 low to the June 2009 high. The price moved up and tested the level in the last move higher but has come off . A move above is needed to inject more bullishness for the pair today.
Looking at the hourly chart the price did move above this level earlier in the day - reaching a high of 122.77. This is the next target on the upside. Above that level comes in at 123.09 which is the 38.2% retracement of the move down from the high last week (see hourly chart above).
On the downside, the 122.25 level is the 100 bar MA on the 5 minute chart. The price is trying to stay above this level to keep the shorter term intraday bias bullish. A move below this level followed by a confirmation through the 200 bar MA at the 122.06 level (green line in the 5 minute chart above), takes any idea of bullishness out of the market. SO watch 122.25 now and 122.42 above and look for a momentum break.
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