USDJPY makes NY session highs. Trades above intraday resistance levels.

Technical Analysis

Tests 50% of move down from yesterday’s high.

The USDJPY is trading at NY session highs after breaking above the 200 bar MA on 4-hour chart, trend line resistance on the hourly chart and 200 bar MA on the 5- minute chart at the 111.30-34 area.

Looking at the hourly chart below, the low for the day extended toward the low from May 23rd at 110.856.  The low today reached 110.871 just short of that low but good enough to call it a double bottom.   That – along with the 100 bar MA hold on the 5-minute chart – has helped turn the sentiment around a bit into the NY Friday close.  It also defines some decent support levels going forward.  

On the topside on the hourly chart, traders will be eyeing the 111.53-605 area where the 100 and 200 hour MAs are now found. The failure to extend above the 200 hour MA with momentum yesterday, helped to start the move lower today. 

Let’s block ads! (Why?)

Forexlive RSS Breaking technicalanalysis feed

Leave a Reply

Your email address will not be published. Required fields are marked *