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The EURJPY is following the USDJPY entry into the lower in trading today continuing the decline started in the late US session.
Looking at the 4-hour chart above, the price is now within a swing area that was a highlight going back to February and into March. That ceiling was ultimately broken in mid-March, and has traded above and below the swing since that time.
Earlier this week, the price move back above the swing area, but has reversed lower.
Technically, the price is looking to test the rising 100-bar moving average on the 4-hour chart and the 38.2% retracement. Both those technical levels are at 163.38.
If the price of the EURJPY can get below that level, traders would next target the 200-bar moving average at 162.88, but the bias shifts with the sellers making a play – at least in the short term.
Key level being tested.
This article was written by Greg Michalowski at www.forexlive.com. Source