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USDJPY chart 09-03-10
Written by Courtesy of AC-Markets   
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USDJPY
USDJPY bulls will be feeling frustrated by the price action yesterday, as the post-payroll surging rally quickly ran out of steam against the back side of the former uptrend channel around 90.75, and since that failure the pair has traded limply back below both the 50-day and 100-day moving averages (90.59 and 90.17 respectively).
The pair now rests on prior support at 89.95, but should the buying interest wane we can expect decent bids to come in around 89.50 –the former ceiling of the trading range.
Really, for a continuation of the bullish move we need to see the pair overcome that sticky 90.50-80 zone, but as discussed yesterday, if the uptrend is re-broken the skies above there are clear for a trip to 91.90 (200-day moving average) and 92.15 resistance beyond.
USDJPY bulls will be feeling frustrated by the price action yesterday, as the post-payroll surging rally quickly ran out of steam against the back side of the former uptrend channel around 90.75, and since that failure the pair has traded limply back below both the 50-day and 100-day moving averages (90.59 and 90.17 respectively).
The pair now rests on prior support at 89.95, but should the buying interest wane we can expect decent bids to come in around 89.50 –the former ceiling of the trading range.
Really, for a continuation of the bullish move we need to see the pair overcome that sticky 90.50-80 zone, but as discussed yesterday, if the uptrend is re-broken the skies above there are clear for a trip to 91.90 (200-day moving average) and 92.15 resistance beyond.
100309-USD-JPY
 

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