Low stalled at a lower trend line and a 50% retracement on the daily chart
The EURJPY had a nice low today.
Looking at the daily chart, the low stalled right around the 50% midpoint of the move up from the August low. That 50% level came in at 127.875. The low for the day reached 127.853. Close enough.
Drilling to the hourly chart, the price stalled right around a lower trend line on the hourly chart
Obviously, the horse has left the barn, but it is a reminder of the role in anticipating your trade levels (see video “It’s all about anticipation” here). What can we anticipate now?
Well, the pair is trading above and below the 100 hour MA over the last 4 trading hours (see blue line in the chart above). The price is trading around the 129.00 level. Move upside runs into levels from last week’s trading in the 129.068-14 area. Above that and the 200 hour MA (green line) at 129.207, and the 100 day MA at 129.28. I would anticipate those MAs to be tough nuts to crack.