The price bounced off the MA yesterday
The EURJPY has fallen below its 200 hour MA at 121.828 (green line in the chart below). A move below, tilts more of the technical bias to the downside. Stay below, keeps the seller in control.
Recall from yesterday, the price moved down to test a swing area at 121.26 to 121.36 AND the rising 200 hour moving average (green line in the chart above). That moving average stalled the fall
Today the price has waffled up and down, but with the last move down, it is trading at new session lows. In the process the price has fallen below its 200 hour moving average at 121.828. The price last traded below that 200 hour moving average on May 15. That’s a long time ago.
That moving average is higher than yesterday, so there are other targets that would increase the bearish bias.
- The 38.2% retracement of the move up from the May 22 low comes in at 121.58. That retracement level was broken on the way to the lower yesterday
- The swing area remains at 121.26 to 121.364 . That area stalled the fall.
Getting below each of those levels would keep the sellers not only in control but would also increase their confidence of further downside probing.