EURJPY moves back toward lows from last week
The EURJPY is another EUR pair that reversed lower today on the back of the ECB sources comments. Looking at the hourly chart, it was up skimming against a high ceiling in the short term at least, near 139.613. The highs were also ahead of the falling 100 hour MA at 139.82 currently, and 38.2% of the move down from the high last week (at 139.853).The subsequent fall has seen the price move toward the low from Friday (last week) at 138.00 (nice round number). It will take a move below that level and then the January 3 low at 137.377, to increase the bearish bias. Taking a broader look at the daily chart, the low from January 3 was near the low from September 26 at 137.291 (with 8 pips of the January low). Move below each, and the 50% of the 2022 trading range at 136.389 would be the next major target. This article was written by Greg Michalowski at www.forexlive.com.
The EURJPY is another EUR pair that reversed lower today on the back of the ECB sources comments.
Looking at the hourly chart, it was up skimming against a high ceiling in the short term at least, near 139.613. The highs were also ahead of the falling 100 hour MA at 139.82 currently, and 38.2% of the move down from the high last week (at 139.853).
The subsequent fall has seen the price move toward the low from Friday (last week) at 138.00 (nice round number). It will take a move below that level and then the January 3 low at 137.377, to increase the bearish bias.
Taking a broader look at the daily chart, the low from January 3 was near the low from September 26 at 137.291 (with 8 pips of the January low). Move below each, and the 50% of the 2022 trading range at 136.389 would be the next major target.
This article was written by Greg Michalowski at www.forexlive.com.
