Stay below 135.26.
The EURJPY rallied on Friday to a topside trend line on the hourly chart, only to run into sellers.
Today, we are see more selling as the buyers turned more to sellers. The pair today fell to the 100 hour MA (blue line in the chart above) and stalled.
A second run lower took the price to the 200 hour MA and a lower trend line where the price stalled and consolidated.
We have just moved back below both the 200 hour MA and the trend line for a second time. Beware. This could be the start of the next leg lower for the pair. That MA/trend line comes in at 135.26. Stay below and take out the day lows at 135.12 and the sellers will be looking toward the 38.2% at 134.876. The low from Wednesday comes in at 134.80. Get below that level and the bears are taking more control.
For now...Can the sellers keep the price below 135.26?
