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Forex Trading: USDJPY slowing as it approaches the 200 hour moving average

Posted by Greg Michalowski on Thu, 05/22/2008 - 11:52am in

USDJPY

The USDJPY surged through the 100 hour moving average earlier, kicking in stops along the wey. The next key moving average is again slowing the move higher. The 200 hour moving average is at 104.14. The pair has a high of 104.07. Given the move for the day, and the quiet market, the expectation is for the resistance to hold for the time being.

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