Friday, September 18, 2009

USD/JPY Touched Resistance Channel/Trendline

Above is USD/JPY 4 hour chart. Strong buying at 90.20 area sent the pair back to its previous level around 91.60 before closing below 50 EMA and within the downtrend channel. 15 minutes to candle close, the pair seems to trapped between the channel and a broken trendline below. Volatility is low until a breakout occurs. 91.72 (50% Fibo) could trigger another selling if the pair breaks the resistance trendline. I the opposite, USD/JPY should test 90.20 support again.

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