New York Session Is Quiet Apart From The Move Up In USD/JPY

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New York Session Is Quiet Apart From The Move Up In USD/JPY

By Greg Michalowski on February 26, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The NY market is kind of quiet. The EUR/USD moved lower on some talk of further bank concerns but selling pressure subsided and the pair moved back higher. The pair is largely non-trending but remains below key resistance (1.2927) and above key support. Since the pair is in a downward channel the bias remains to the downside, however.

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The USD/JPY continued its move higher toward the midpoint of the move down from the August 2008 high (98.89 is the target level). The price is approaching this level - currently trading at the high for the day at 98.70. Look for resistance and profit taking up here.

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