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Forex Trading: USDJPY Runs Into Important Resistance At 82.73-75
Written by article default Saturday, 22 January 2011 04:44
The USDJPY has run into key ressitance at the 82.73-75 area. This level corresponds to the 200 hour MA (green line), trendline resistance and the 50 Fibonacci retracement on the hourly chart. Look for the level to solicit profit taking selling/intra day sellers.
On the downside, if the bullish bias is to remain, look for support buyers against the 100 hour MA at the 82.49 level (blue line in the chart above). If the price moves back below the 100 hour MA, all bets are off. The market is not doing what it should be doing.