The EURJPY held against the 100 hour MA at the 99.89 level yesterday and that was enough to get the shorts more involved. The price is making a new low as EUR bearishness and flight into the JPY keep the shorts in firm control.
The price is moving into the bottom consolidation from January. The low at that time came in at 97.01. An interim target comes in at the 97.67 level which was where the market based before moving higher. (see chart below).
Topside resistance now comes in at the 98.20-25 lows from earlier and above that the downward sloping trend line a the 98.30 area. The bears remain in control as long as the price stays below these levels.
