EURUSD and GBPUSD head lower. Dragging EURJPY and GBPJPY lower
The USDJPY is more choppy after the US jobs report. The price initially fell to a low of 113.00 but has rallied up to 113.20 area. That remains below the high for the day around 113.31.
Meanwhile, the EURUSD is taking out the lows for the day and is now below the 100 hour MA at 1.2038. The GBPUSD is testing its 100 hour MA at 1.35458 and seeing more selling. A move below should be more bearish.
The combination of the USDJPY being more steady and the EURUSD and GBPUSD moving lower, is sending the EURJPY and the GBPJPY to the downside.
Looking at the EURJPY hourly chart, if you connect tops going back to December 29 (see chart above), the pair peaked at the trend line today and stalled. Bearish? Let's say it gives profit takers/sellers a reason to sell.
The price is still above the 136.00 close from yesterday and the 38.2% of the last move higher at 135.928. Those are targets that if there is more of a corrective move lower, will have to be broken. If not, this move is just a reaction against a trend line.
In the GPPJPY, the pair has fallen but not at the rate of the EURJPY. Looking at its hourly chart, the price action today took the price ABOVE its topside trend line. That is more bullish. So far on the correction, the price has stalled at that broken trend line. So although lower - like the EURJPY - it is certainly not as bearish.
