USD/JPY Cannot Find The Momentum To Break Higher

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USD/JPY Cannot Find The Momentum To Break Higher

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

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The markets are waffling with conviction not there yet. An example is the USD/JPY which moved above the key resistance at the 98.88 level reaching a high of 98.96 and 98.95 respectively but not finding the momentum/volume to justify the break (see EARLIER POST by CLICKING HERE). As a result, sellers entered and the market moved back down.

There is intraday support below at the 98.35 to 98.45 level. I would look for intraday traders to take advantage of these levels to take what they can get and cover shorts for profit.

For the trend type traders, breaks above resistance at 98.88 and below 98.35 will be eyed.

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