EURJPY back toward a cluster of support

Technical Analysis

Author: Greg Michalowski | eurjpy

122.17-122.222 have a cluster of support in the EURJPY


122.17-122.222 have a cluster of support in the EURJPY
The EURJPY is back down testing a cluster of support defined by the 200 hour MA, 50% midpoint retracement and the earlier low for the day.  The corrective move higher today (off the earlier lows) stalled in a swing area defined by recent swing highs and lows. So the pairs 2nd fall today, comes after holding topside resistance.  Bearish. 

A move below the support area should solicit more selling with the 122.00 natural level and the 61.8% of the move up from the June 6 low at 121.944 the next downside targets. 

PS the USDJPY is down testing the 200 hour MA after offiically completing the down and up lap up at 108.53.  The 200 hour MA comes in at 108.336.  

USDJPY is testing the 200 hour MA
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