47 day rally. 51 day sell off. How’s that for symmetry?
The EURJPY has more or less completed a 100% retracement of the rally up from the January low to the March high. The low today stalled just 4 pips from the years low. A break should not be ignored with the next target being the 96.81 level (see chart below). The last leg to the downside started when the price tested the 100 hour MA (blue line in the chart below), less than 3 days ago (at 99.89).
Traders will look toward the 97.29-35 as resistance now (see chart below) . This is topside trendline from the 5 minute chart and the 38.2% retracement. Stay below and the trend continues/the shorts remain in firm control. Move above and then above the 97.446 and intraday waters get a little muddy (a further correction might be in the cards).
