Wednesday, May 16, 2012 9:38 PM EST

EURJPY dips back below 100 day MA and Fibo retracement hurdle

Written February 10, 2012 at 12:40 PM EST by Greg Michalowski

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The EURJPY today has triggered a correction wave for the pair after a week long rally. The price moved and closed above the 100 day MA yesterday for the 1st time since October 28th 2011, but has dipped back below the MA level (at 102.867) . The move down todya has also moved below the 38.2% Fibo level (this was also broken yesterday) at the 102.546 level.

On the hourly chart below the price dipped below the trendline support as well (see chart below). The next key target on the downside is the 38.2% and 100 hour MA at the 101.96 level. This should be a key support level for the pair. A break below would open the pair for further corrective momentum. Holding the level, keeps the bias positive despite the disappointment on the daily.

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