USDJPY holds above corrective support (77.92-99) area. Back in channel

Written January 25, 2012 at 8:57 AM EST by  

The USDJPY corrected off the high in early NY trading but held above the days 38.2% -50% retracement area. In a currency pair like the USDJPY, if the price does not rally, it sells off.  So far the price advances are holding.

The key resistance above today is against the high from November at the 78.28 level and then then 200 day MA at 78.33.  Moving above these levels should solicit stop buying and additional upward momentum.

Share and Enjoy:
  • RSS
  • Facebook
  • Twitter
  • LinkedIn

No Responses to “USDJPY holds above corrective support (77.92-99) area. Back in channel”

Add a comment