USD/JPY pressed up into an area of resistance

Written March 11, 2010 at 2:33 PM EST by  

march11_jpy1-2

The USD/JPY is holding for a second full day inside the Goalposts of the 100MA (90.14) and 200 Day moving averages (91.90.) The positive US data from this morning likely helped the pair stay inside. We will need to look at a shorter timeframe to see if there is potential for a move higher.

march11_jpy1-11

Now looking at the USD/JPY on a 1 Hour chart, it is pressed up into an area of resistance at the moment. The pair has been making higher lows, running above the 100 Hour moving average for a few days now. However the pair has not been able to make it above 90.81 the level. This level will need to be broken to give the bulls more room to move. On the downside the pair is supported by the 100 Hour MA, currently at 90.26. Below that, the 200 Hour MA comes into the picture at 89.60

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