December 6, 2022

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EURJPY moves down to test hourly MA levels

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The lows from Thursday and Friday of last week in the EURJPY stalled ahead of the MAs

The EURJPY has moved lower with the selling of the USDJPY and risk of sentiment. The move has pushed the pair to test its 100 hour moving average at 131.797. The 200 hour moving average comes in a 131.714.  The 50% of the move up from last week’s low also comes in that area at 131.75.  The low just ticked to 131.779 and is seeing a modest bounce. 

The lows from Thursday and Friday of last week in the EURJPY stalled ahead of the MAs

If the sellers are to take more control, getting below those moving averages/50% would be a step in the bearish direction.  Break below and traders will start to use that area as resistance (while looking for more downside probing starting with the 61.8 at 131.567 (that was near swing lows on Friday). The underside of the broken trend line cuts across at 131.48.

Stocks are getting set to open in about four minutes. The major indices are all trading lower sharply lower in premarket trading.

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