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Forex Trading: Key breakout levels failed

Posted by Greg Michalowski on Tue, 04/15/2008 - 9:43am in

 

The market has reversed the trend from the earlier breakouts.  USDJPY made it above 101.32 - the 100 hour moving average level - squeezed higher to a high of 101.67 but has since moved back below the 100 hour MA level.  The pair is now bearish to neutral as a result of that type of move for today.

EURUSD did the same thing but with less of a reaction.  It sold off below the 100 hour moving average at 1.5800, made it to a low of 1.5780, and has since moved back above the 100 hour moving average.  This pair is now neutral for today.

GBPJPY tested the 21 hour moving average at 199.43 - getting up to 199.51 - but could not extend the move and closed lower on the hour.  The pair moved all the way back down to a low of 198.61.  The pair is now bearish to neutral for the day.

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