Rising 200 hour MA broken today in the EURJPY
Today, the 100 hour MA acted as a lid for the pair (blue line). That kept the sellers in the game. The fall back below the 100 day MA (at 123.884) and then the 200 hour MA (green line currently at 123.76) tilted the bias more to the downside.
The pair has also dipped below lows from Thursday, Friday and Monday between 123.62 to 123.68.
If the price can stay below 200 hour MA, the sellers will remain in control. Move above and then get above the 100 day MA and 100 hour MA at 123.884 and 123.943 would tilt the bias the other way and put the buyers in control. For now, given the technicals, seller in control. The next downside target is the 50% at 123.37. Below that and the high from November 5tha t 123.18 would be eyed.