Have not closed below that MA since April 19th
The EURJPY is sharply lower on the flight into the JPY pairs and that has the pair testing the 200 hour MA at 124.10. The EURJPY has NOT closed below the 200 hour MA since April 19th. Key technical level.
With the stocks yet to open in the US and expected to open down sharply (the Nasdaq is down -43 points, the Dow futures are down -168 and the S&P is down near -20 points.). So be cautious on buying. However, the level should be a level to eye should there be a recovery in stocks from the pre-market stock plunge.
In fact, we are breaking below the MA without much problem now as concerns about the stock opening mounts.
Other technical levels left in the dust include the 100 hour MA at 124.38 and the 124.48-53. That levels corresponds with swing highs from earlier in May. The price moved above on May 15 and tested the level earlier today and bounced (see chart below). Those areas are risk levels for this pair now.
Finally, pay attention to the weekly chart. The 100 week MA comes in at 124.26. The price broke above earlier this week. The price is now below that MA level again.
