USDJPY watching 89.83 today for directional clues

Written November 9, 2009 at 10:17 AM EST by  

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The USDJPY closed on Friday at 89.84.  Prior low from November 2nd came in at 89.83.  The 89.87 level was the low from November 3rd.  On Friday, the price waffled above and below these levels, reaching a low of 89.61, but closed most hourly bars above the 89.83 level ( 2 bars closed below this level).

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In NY this morning, the market has dipped below this level to a low of 89.72.  However, momentum can still not be established.  With the price currently trading at the 89.83 level the market continues to struggle between going higher or lower from here.  With the price below the 100 bar MA , the bias is to the downside (100 bar MA comes in at the 89.96 and 200 bar MA comes in at 89.99).  Look for sellers against stops above this level. However, look for initial buyers on dips toward 89.61, with stops on a break of the level.

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