USDJPY bounces off of topside resistance

Written February 22, 2012 at 11:30 AM EST by  

USDJPY made new highs on the day – encouraged by higher oil prices and but found sellers against the topside trendline.  The high reached 80.39.  A move above this trendline needs to be breach to extend higher today. Above that level is the 50% of the move down from the April 2011 high at the 80.535 level. 

The bulls are still in charge but there is better two way flows it seems as profit takers are aware of the key resistance above.  Sellers still need to prove they can overtake the buyers. With the price remaining above the 100 bar MA on the 5 minute chart for most of the trading day (currently at the 80.227 level), this will be the level traders will be watching for clues for a further correction.  

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