USDJPY erases gains for the day

Technical Analysis

Author: Greg Michalowski | usdjpy

USDJPY is back to unchanged

The USDJPY extended higher into the NA session and reached a peak price of 105.745. 

That level corresponded with a swing area going back to September 29 (see earlier post and chart below). Sellers leaned against that level, and when the price fell back below the October 13 swing high and the earlier swing high from the Asian session today at the 105.61-62, selling crept into the market.

USDJPY is back to unchanged_

The move to the downside has now moved below the 200 hour moving average at 105.473 and tests an old trend line at 105.42.  The pair is also erased most of the gains for the day (close around 105.405).

On more selling, the 100 hour moving average at 105.365 will be the next target. Get and stay below that level would be more bearish. If support against the trend line and close from yesterday and upholding, a move back above the high from October 14 at 105.51 would take some of the bearishness out of the market.

For bank trade ideas, check out eFX Plus
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose