USDJPY breaks lower.
Written May 1, 2009 at 10:21 AM EST by Greg Michalowski
USDJPY broke through the 100 bar moving average (MA) on the 5 minute charts at 99.30 and moved lower to test the 200 bar MA at the 99.06 level . The pair had a nice trend going for the day off the weaker employment data out of Japan last night, but has been tiring. Stock declines led to the break.
If the 200 bar (green line) holds, look for a retest of the 100 bar at the 99.30 area. This may be a level to sell against looking for a move below the 200 bar MA if the price can remain below 99.36.
Categories: Forex Trading | Tags: USD/JPY
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