The EURJPY has come tumbling down and erased all the gains - and then some - as London/European traders closed the books on the month of February.
Looking at the hourly chart above the pair raced higher in the late Asian/ early European session helped initially by the USDJPY moving higher. Shortly thereafter, the EURUSD kicked in helped by the stronger CPI data in Europe.
The price moved up to a high of 145.46 before starting tumble back to the downside into the London fixing.
The low just reached 144.203. That is just above the 38.2% of the move up from the low last week, and the low from earlier today at 144.17. That was also near the high from Feb 21 at 144.157.
A move below that area would be needed to have traders looking toward the 144.00 area, and below that the 50% of the same move higher at 143.803. The rising 100 hour MA lags behind at 143.637.
So far, the 38.2% (and other support targets) are attracting some modest buying. Risk can be defined and limited against the area.
On the topside, keep an eye on the closing level from yesterday at 144.52 for resistance. Traders can be influenced by the price being positive or negative on the day. Stay below that area, keeps the sellers more in control at least in the short term.