USD/JPY Moves Back Higher. 90.64 Is Resistance. Look For Some Profit Taking

The USDJPY has moved back to the upside after testing the 100 hour MA at the 90.35 level.  Yesterday for most of the London/New York day the price stayed above the 100 hour MA but below the 200 hour MA.  Today in the Far East session, the price dipped below the bottom goal post as defined by the 100 hour MA on its way to a low of 89.98, but moved back above the key moving average level when NY came back in.

The last correction down tested the 100 hour moving average on the hourly chart. It also tested the 200 and 100 bar moving average on the 5 minute chart at the same area (90.37/40). The low reached 90.40.

Now the price has bounced higher and the pair is testing the 61.8% retracement of the move down from yesterday’s high to today’s low at the 90.64 level. Given the range -y type trade today, I would be inclined to take some profit against the level.  With a eye toward the 90.87 level for additional selling.  A break above 90.87 however should solicit some additional buying interest.

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