Forex Trading: USDJPY Remains In The Doldrums
USDJPY moved up intially on the data moving above the 200 hour MA at the 90.42 level but has since retreated back lower. A move above the 90.42 level with sustained momentum is needed to propel the pair higher with 90.72/79 the next key target area. This area has contained the upside. On the downside, the 100 day MA – currently at 90.06 remains the key level. The price has closed above the 100 day MA for 12 of 13 days but cannot extend higher.
On a break of 90.72/79 the topside target would become the 200 day MA at the 91.60 level currently.
On the downside, the 100 hour MA at the 90.34 followed by 90.18 become the targets before 90.06 (100 day MA).
It is what it is for the USDJPY as it struggles with the non-trending environment.
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