The EURJPY is testing a cluster of technical levels including the 100 hour MA, the 100 day MA and the 50% all within a few pips of each other. Below that – and not far away- is the low of a swing area.
With several technical levels centered in a fairly narrow range, the dynamics allows technical traders to “risk a little to make more than a little” (i.e., to make more).
To learn more, watch the above video.
This article was written by Greg Michalowski at www.forexlive.com. Source