EUR/JPY Moving Higher Off Intraday Support, Helps USD/JPY In The Process

The EUR/JPY and the GBP/JPY both found support against the shorter term moving average this (Tuesday) morning.

The EUR/JPY, like the USD/JPY, had been following the 100 bar MA on the 5 minute intraday chart.  When the USD/JPY corrected lower after the trend move higher and broke the intraday MA, the EUR/JPY was lagging by a bit.  The EUR/JPY pair dipped below the MA level, but bounced immediately.  This demand, helped contribute to the USD/JPY bounce.

One thing to note is London/Europe are going home and it is end of quarter trading.  This can contribute to position squaring and therefore is subject to supply/demand conditions.  This could contribute to more volatile conditions as the day progresses.

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