USD/JPY Broke Above Trendline Resistance, But Has Moved Back Down

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USD/JPY Broke Above Trendline Resistance, But Has Moved Back Down

By Greg Michalowski on February 17, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The USD/JPY jumped above the trendline resistance on the daily chart (currently at 91.90, moving to a new high of 92.75 (highest level since January 8th) but the gains could not be maintained. The price has moved back down toward the 91.90 level where it is testing the key support. A break back below will be a disappointment for market who has been waiting for the break outside the narrowing range. The stock weakness this morning and bad economic data may continue to pressure the Yen crosses and in turn the USDJPY. Watch the level closely.

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