USD/JPY encountering heavy resistance at the 91.75 level

Written December 23, 2009 at 10:16 AM EST by  

dec23_2009_usdjpy1

The USD/JPY has hit a hard ceiling at the 91.75 area. The pair has been above both the 100MA and 200MA since Dec 18th 2009. The pair put the brakes on and failed to break above this area, possibly spurred on by weaker US homes sales data at 10am. Look for a possible test of the 100 MA at 90.82 if the current sentiment continues. Below that is the 200MA at 90.04

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