EURJPY falls below the 200 day MA today but rebounds. Key level 132.34 today.
Written November 25, 2009 at 11:36 AM EST by Greg Michalowski
The 200 day MA comes in at the 132.34 level today. The price moved below this level today and this led to a move down to a low of 131.50. However, the price has rebounded on the back of the better US data today which lured the risk takers back in the market (or caused the shorts to cover). The price is back up to the 132.26 level and is testing that moving average.
Look for sellers against the level but should the price move back above the 132.34 price, look for additional short covering. The close is most important for this pair so keep the level in mind but we should see sellers against the level to prove the bearish bias for the sellers. Be aware.
Categories: Forex Trading |
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