The EURJPY and GBPJPY are also under pressure along with the USDJPY today.
The EURJPY is below the 200 hour MA )green line in the chart below) at the 147.90 level. The 50% of the move up from Nov 24 low held support on the first move below the 200 hour MA earlier today (at 147.67). The subsequent rally held the 100 hour MA above (see blue line in the chart below). The pair is back down and has moved below the 50% level making new lows. The 200 hour MA now becomes resistance in trading today. Traders will need to see more momentum below the 50% level now. Much is on the whims of the stock market today.
EURJPY also moves below the 200 hour MA at 147.90. Now resistance /risk for traders today.
The GBPJPY is also below the 200 hour MA at the 187.12. The 38.2% of the move up from the November 17 low comes in at 186.401. Below that 186.12 is another support target (see chart below).
Like the EURJPY, the 200 hour MA (green line) will now be resistance/risk for shorts. Stay below the bears remain in control. The fall below the 200 hour MA is the largest decline below the MA line since November 17th. On December 1, the price moved below the MA line for 1 hourly bar, but did not close below and that proved to be the corrective low for that move.
GBPJPY is also below the 200 hour MA. This is the largest break going back to November 17th.
