USDJPY waiting for direction clues as it stalls at support/resistance

• gregmikefx
• January 14th, 2010

The USDJPY is awaiting a directional clue perhaps from the economic data to be released at 8:30 AM. The market moved up today to test the 100 hour MA at the 91.89 level, reached a high of 92.03, but could not sustain the move, nor get close to the next confirming target at the 200 hour MA (green line in the chart above).

The price is currently back below the 100 hour MA currently at the 91.85 level.  As long as the price can remain below this level, the bias is to the downside.  Staying below through the numbers would look toward 91.32 as the next confirming target to get through.  However, a move back above the 91.85 MA level, would target the 200 hour MA currently at the 92.15 level. .

On the downside, also watch the 91.63 level. This is the 200 bar MA on the 5 minute chart currently. The USDJPY has been more or less tracking the 200 bar MA of late with brief moves below but each time (SEE CHART ABOVE), the market has rebounded. A move below this time,  should be met with increased momentum, however. It may not be as lucky this time (see 5 minute chart)

Tickers: USDJPY

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