$USDJPY surges higher off the 92.32 support but runs into double top resistance perhaps?
Written December 31, 2009 at 8:38 AM EST by Greg Michalowski
The USDJPY surged higher off the better Employment data this morning. Earlier the price held our support level at the 92.32 level where the 100 bar MA was also located. The price is up testing the high from yesterday at the 92.76 level and this high provides a low risk trading opportunity for range trading traders. Look for sellers with stops above.
A break targets the 93.12 level (50% of the move down from the April high to the low). Another longer term upside target coming more into focus is the 200 day MA (green line in the daily chart below) at the 93.67 level).
Categories: Forex Trading | Tags: USD/JPY
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