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Home ANALYSIS

EURJPY extends lower and below a swing area

A.R Chowdhury by A.R Chowdhury
September 16, 2020
Reading Time: 1 min read
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EURJPY extends lower and below a swing area

Swing area between 125.127 and 125.295

The EURJPY has extended lower and in the process has moved below a swing area between 125.127 and 125.295 (see red numbered circles).

Swing area between 125.127 and 125.295_

The price action has moved below that area most recently on September 8 and September 9 when the price tumbled to test the lows going back to August 21.  However, since September 9 the price has been able to stay above that level albeit with lots of choppy action up and down.  For now stay below the swing area keeps the sellers more control. The downside targets would be the most recent lows on August 21 and on September 9 at 124.415.

The run lower over the last few hours took the price back below its 100 and 200 hour moving averages between 125.521 and 125.568 (see green and blue lines in the chart above).

Looking at the pieces of the pair, the EURUSD is currently trading at session lows and has erased earlier gains in the pair. The USDJPY is also trading at session lows as it continues its trend like moved to the downside in the 1st two  trading days of the week (after the non-trending activity last week). 

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