Breaking down after run early run higher failed
The EURJPY ran higher in early Asian trading and in the process moved aobve the June 11 high (that was the for June). The pair also moved above a topside trend line at 123.15 area.
The run higher was short-lived, and buyers shifted to sellers.
With the EURUSD continuing to move lower, the EURJPY is also joining in.
The pair just broke below the 100 hour MA (blue line)and 38.2% retracement at 122.476 and 122.433 respectively. That area is now close risk for sellers.
The low from Friday at 122.28 is the next target, followed by the 50% and 200 hour MA at 122.15 and 122.109 respectively. The 200 hour MA was broken on Tuesday last week, but momentum faded and the price turned higher.
PS. The EURUSD is trading down to the next target at 1.1282. The 61.8% at 1.12689 and the 100 day MA at 1.1259 are the next downside targets.
