EURJPY nearly completes the up and down lap

Technical Analysis

Author: Greg Michalowski | eurjpy

Also approaching recent swing lows and the low for the year.

The EURJPY has nearly completed the up and down lap in the pair him. The earlier low for the day reached 117.75.  The low just reached 117.766.  

Also approaching recent swing lows and the low for the year.
At the low, the pair is also testing a swing area at the 117.66 to 117.748 area.  See red circles on the chart above and yellow area. The price did dip below the area on August 12 to the low for the year at 117.508, but could not keep momentum going. The swing area was reestablished as support on August 13 and again today 

Buyers are trying to lean against the level on the retest and hoping for a quick bounce.  
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