200 hour MA and trend line support
The EURJPY has run lower today with the move down in the EURUSD and the USDJPY. The run to the downside move below the 200 day MA at 120.789 and tested the trend line at 120.636. The low reached 120.63 and the price has bounce higher. Moving back below each levels will be more bearish, with the rising 100 day MA at 130.240 as the next target.
Drilling to the hourly chart below, the price of the pair picked up downward momentum on the break of a lower channel trend line today at 121.32 (it is now at 121.28 and moving lower). The pair also moved below the 61.8% retracement at 121.197. The move below the 200 day MA at 120.784 saw traders try to push the downside, but the current bar has moved back above the MA level. The failure could see more corrective buying interest. Be aware.
