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Technicals also contributing to selling after move higher this week.
As reported earlier, the EURJPY tested a key technical target at the 200 day MA and 50% retracement.
Since then, the price wandered lower, and then the pair got a kick lower on the back of risk-off trades from the Trump tariffs rumblings. The price is back testing the 130.257 level. That was home to swing levels going back to August 28 and August 30 before cracking lower on the 30th.
The price surged above that level yesterday and is back down retesting today.
So the sellers have pushed into the first support. Can they push more?
The S&P moved to a low of 2897.32 and currently trades at 2899.36. The Nasdaq moved to a low of 7984. We currently trade at 7993. Much might depend on the whims of the Friday trade in the major indices.
This article was originally published by Forexlive.com. Read the original article here.