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Forex technical analysis: USDJPY makes a run to the downside

Discussion in 'Technical Analysis' started by ForexLive, Nov 23, 2015.

  1. ForexLive

    ForexLive Forum Member

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    A pocket of dollar weakness There has been a pocket of USDJPY weakness in the last 1/2 hour or so of trading in the USDJPY and that move has pushed the price back below the 200 hour MA (green line in the chart below) at the 123.018 level. The price fell below the 200 hour MA on Thursday of last week, stayed below it on Friday (test held). The dollar strength in the early hours of trading today, pushed the price back above both the 200 and 100 hour MAs (green and blue lines) but stalled near topside trend line. With support holding a lower trend line on Friday and at the opening today, traders seem to be marking their territory above and below. Sell high. Buy low....for now.

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