EURJPY tracks lower and cracks below 100 day MA.

Technical Analysis

Author: Greg Michalowski | eurjpy

Trend line and 100 hour MA stalled the rally earlier today

The EURJPY is tracking lower and in the process has cracked below the 100 day MA.  

Now admittedly, last week the 100 day MA was broken and failed. Earlier today, the initial run lower fell below the MA as well.  Each failed and the price moved higher.  

What has helped keep the bears more in control, however, is that the trend line and 100 hour MA stalled the rally in the Asian session at the high. The trend line did the job in the London morning session.  That kept the tilt to the downside and the bears in control.  

Trend line and 100 hour MA stalled the rally earlier today
With the price moving away from the 100 day MA, it would take a move back above that MA to ruin the bears party.  That MA currently comes in at 125.67. The 61.8% of the move up at 125.547 may be closer risk level for the pair.  

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