USDJPY overtakes next target. Can the momentum continue?
Written February 9, 2012 at 11:37 AM EST by Greg Michalowski
The USDJPY has overtaken the next hurdle above the 38.2% retracement of the move down from the November 2011 high to the low reached in February. That level comes in at the 77.356 level The next targets above come in at 77.61 and then the midpoint of the same move down at 77.77.
As long as the hurdles can be broken and the price bias stay above previous resistance (i.e., the 100 hour MA, the 38.2% retracement level), the market is happy. As soon as there is disappointment and a break of these levels, traders tend to get discouraged and liquidate.
Categories: Forex Trading |
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