Looking at market performance graph
Markets

Forex technical analysis: USDJPY tests the extreme...

Cluster of support

The USDJPY is down testing a cluster of support as stock prices slide. The Dow as up 92 points at the high. It is now up 13. The S&P is was up 6 points at 2006 at the high. It is now down 5 points at 1995.

Technically, the pair is below the 200 hour MA (green line in the chart above at 113.28) but sits just above a trend line (blue circles) and floor (green circles) at 113.19.

The pair has been moving up and down over the last 4 or so days. This is another low after testing the high yesterday. Will the low hold, and turn the sellers into buyers as the price continues the non trend? Traders short from above have the level to lean against, with stops below.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx