Got within 7 pips of the key MA line
The EURJPY moved back up toward the 200 day MA. Recall on Friday, that MA was tested (price moved a few pips above) and backed off.
Today, the price tested and fell below a lower trend line in the Asian and then early European session. The break below the line failed. The buyers took the price higher (see chart above).
Now that the 200 day MA has been tested (and found sellers), the market may tip more to the downside.
A close level to eye now might be the 130.858 level. That was the high going back to August 30. Stay below is more bearish.
Drilling to the 5 minute chart below, what would weaken the intraday picture is a break below the 38.2-50% of the last intraday trend move higher. That comes in at 130.678-752. The fall stalled right at the 38.2%. So the selling is still a “modest correection”. The buyers are still more in control. However, there is a battle going on between intraday trend/retracement support, and the longer term MA which looms above.