The EURJPY has fallen below trendline support on the hourly chart today, but has found support against the midpoint of the weeks range AND the 100 hour MA (at 108.48 currently). The double support area was a low risk point for traders who shorted on the failure above. The underside of that broken trendline comes in at the 109.06 currently and this level will be eyed as topside resistance.

Looking at the 5 minute chart below, the move down today has not been without some healthy corrections. The last bounce off the hourly chart has run into trendline resistance and the 38.2% of the days range at the 108.97 level. If the price can remain below this level, the bears may just force the price back down. Risk seems to be on a move above that 109.06 level. The 100 bar MA (blue line) on the 5 minute chart is heading toward that key intraday level (underside of trendline on hourly chart above). This increases the importance of the level from a technical perspective today. Key moment intraday.