Can the 11 day swing area hold support now
After running up to the high for October and stalling (double top) earlier today at the 121.465 level, the price of the EURJPY has tumbled lower and tests a key low swing area that has stalled falls over the last 11 days of trading. That area comes in at 120.28-38. The price trades between those levels as I type.
Do the buyers lean here?
I would expect low risk traders to try and put a toe in the water with a close stop on a break. If the market can stabilize, the buyers would look toward as high as the 100 and 200 hour MAs which are converges at 120.857. An interim hurdle on a move higher woud be the swing low from Tuesday at 120.57.
The JPY pairs are being hurt by a reversing stock market where the Dow is now down -233 points or -0.86%. The S&P is down -0.70%, and the Nasdaq is catching up at -0.57% currently.
