USDJPY non-trending as the pause continues
The USDJPY is non-trending between the 100 hour MA at 89.33 currently (blue line in the chart above), and a floor at the 88.73 area. Additional upside resistance comes in at the 89.45.
The USDJPY has been pressured on the last move down, since peaking at 92.14 on Feb 19th. The pair has been consolidating that move lower over the last 3 trading days with the price trading between resistance at the 89.45 level and support at the 88.73/82 area. This has allowed the 100 hour MA to come back into play (at 89.33). The market is at a crossroad.
With the bias to the downside, look for sellers against the 100 hour MA and the 89.45 ceiling level. A break above these level would turn the bias back to the upside (as long as the price remains above the MA line or blue line in the chart above).
On the downside, a break of support at 88.73 would next target the 61.8% of the move up from November which comes in at the 88.23 level.
Loading ...
No Responses to “USDJPY non-trending as the pause continues”
Add a comment