EURJPY cracks below the 200 hour MA for the first time since July 30

Technical Analysis

Author: Greg Michalowski | eurjpy

Below 38.2% as well

On Friday, the EURJPY fell below an old trend line and closed below it's 100 hour MA as well (blue line).

Below 38.2% as well

Today, the price stayed below the 100 hour MA at 124.953 and after sideways chop into the NY session, has taken a run lower. In the process, the 200 hour MA was broken at 124.591 along with the 38.2% of the move up from the July 24 low.  Stay below those levels will now keep the sellers in control (risk for sellers).

On the downside, the next target comes in at the swing area between 124.24 to 124.30. Below that is the 50% retracement of the move up from the July 24 low. That comes in at 124.206..

At the current price of 124.40, it sits between resistance above at 124.59 and support below down to 124.206.  Sellers have assumed more control on the break of the 200 hour moving average. I give the bias to them at the moment. However getting below the 50% retracement will be needed to increase the bearish tilt.

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