EURJPY enters lower extreme area as yesterday's gains taken back

Technical Analysis

Author: Greg Michalowski | eurjpy

The market gives and it takes it away

Yesterday, the EURJPY moved above a swing level at 118.249, a downward sloping trendline, the 100 hour moving average (blue line) and 200 hour moving average on it's way to a high at 119.57.

The market gives and it takes it away
Today, the market is taking all those breaks away.

We are now below the 200 hour moving average at 118.61. We are below the 100 hour moving average at 118.436. We are below the swing level at 118.249, and we are currently testing the underside of that broken trend line at 118.01.  

A break below will have traders looking toward the 117.66 area and then the Monday low at 117.508 

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