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Forex Trading:EURJPY has sellers against resistance. So does the GBPJPY

Posted by Greg Michalowski on Tue, 07/01/2008 - 7:55pm in

The EURJPY has moved lower after running into resistance at the 167.72 level.  The 100 and 200 hour MA are both at the level as is the 50 % retracement of the last move lower (at 167.75). 

Seller are in charge for the short term as they sell against this key level.  A break higher, however,  should solicit buyers and a resumption of the longer term bullish trend for the pair

The GBPJPY also ran into good resistance at the 100 hour moving average (211.77 is the level).  The pair has moved down to the 211.20 area.  There is some minor support at the 211.06 level.  Better support at 210.89.