Trend line working on the 7th point of the day
Earlier I spoke to the EURJPY and remarked about the trend line and 100 bar MA on the 5-minute chart that has been able to keep the "trend" going.
Fast forward, we are working at the 7th point on the trend line and remain below the 100 bar MA (blue line). Stay below keeps the sellers in control.
Looking at the hourly chart below, the price has been able to stay below the 50% retracement at 134.335 over the last 4 or so hours. The price low stalled near the 134.00 level and near a swing low from Dec 22. A better support level comes in at the 134.794 -134.878 area. That area has been a dividing line going back to early December. ON a test I would expect buyers to lean on the test with stops below.
