Pair corrects lower after reaching highest level since off of highest level since December 2018
The price of EURJPY reached the highest level since December 2018 earlier today. The high price reached 128.447. The high fell short of the move down from the February 2018 swing high at 128.707.
Drilling to the hourly chart below, the run to the upside did extend above a topside trend line early in the Asian session, only to fail and start the move lower. The pair fell below a steep upward trend line at 128.15. That increased the corrective bearish bias. Later after the data dump today, the selling has broken a lower trend line near 127.74 and the rising 100 hour MA at 127.623. Those levels are now close resistance levels for sellers looking for more downside momentum. Stay below, is more bearish.
The next target would focus on 127.298 to 127.34 and then the 50% at 127.262 and the rising 200 hour MA at 127.214.
Admittedly, the fall on the hourly is quick after the trend move higher. However, with stocks falling, and technicals supporting selling, the move has gathered momentum.
