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Greg Michalowski

USD/JPY: Downside Is The Preferred Directional Move

By Greg Michalowski on May 11, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The USD/JPY moved below the 200 day moving average today (Monday) as pressure on the dollar from Friday continued today.  The moving average comes in at the 98.28 level today.  The pair has not been able to sustain much momentum to the upside after breaking higher on May 1st.

Since that time, days have alternated between up and down, indicating a balance between buyers and sellers.  Today’s break to the downside indicates the downside is the preferred directional move.

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