USD/JPY Break Could Not Attract Selling Momentum

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USD/JPY Break Could Not Attract Selling Momentum

By Greg Michalowski on March 31, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The USDJPY break of the 100 bar MA on the 5 minute chart just did not solicit the sellers. The price moved to a low of 98.20 but that was it. The pair moved back above the moving average and moved up to 98.53. The MA is currently up to 98.37.

The trend is more consolidative intraday after the sharp move higher overnight. However, the failure to solicit sellers on the break, suggest a definite upward bias to the pair. Will continue to watch the MA as it is significant. It just was not significant to the downside.

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