EUR/JPY Moves Higher Above 200 Day Moving Average

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EUR/JPY Moves Higher Above 200 Day Moving Average

By Greg Michalowski on May 22, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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EUR/JPY is starting to come into play. Today the price has moved above the 200 day moving average and looks poised to have a close above this level for the 2nd time in the last three weeks. The last time this happened was on May 8th. On that day the price closed above but the next day, the price closed back below the key level. This was a failed break.

Today with the price trading at 132.15 and the 200 day moving average down at the 131.08 it is likely the price will once again close above the key moving average. This should lead to further gains for the pair with the high from May 11th at 134.81 the obvious 1st longer term target. The break higher can also contribute to upside gains in the EUR/USD and/or USD/JPY as the combination of the two prices makes up the EUR/JPY price.

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