Looks back toward 100 hour MA.
As stocks continue to be pressured (the Nasdaq is -108 points or -1.31%), the EURJPY is starting to be pressured.
Looking at the hourly chart the pair’s high stalled near the Monday high and also the 38.2% of the move down from the April 17 high at 125.09-12 area. That move higer earlier today was helped by a break above a trend line which has now been refuted (see blue numbered circles defining the trend line). Failed break.
The pair now looks toward it’s 100 hour MA at 124.719 (blue line). Earlier that line was broken to the down side only to snap back higher.
Are we on our way to another lap…this time back to the low? Get below the 100 hour MA to open up the next downside move.