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USD/JPY’s Bullish Moves Continue But With A Loss In The Momentum

January 27, 2013 1:50 am GMT+0  in Chart Alert

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USDJPY loss of momentumUSD/JPY had broken above the critical psychological level of 90.00 quite smoothly. Even though after the first break when the currency pair had gone as high as 90.24, there was a strong fall to 88.06 but the equally strong recovery had taken it to as high as 91.19.

On one hand the bullish sentiments are intact but recently there has been a loss of the momentum. From December 13, 2012 to January 5, 2013 the pair has been mainly finding support near the 5-day EMA but for past 3 weeks that trend has changed and there are frequent breaks of that support. The new trend of support has moved towards 22-day EMA.

There has been a resistance trend line coming into picture and the current USD/JPY price action is approaching that resistance line.

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Himanshu, by qualification a mechanical engineer with diversified experience of working in Europe and Asia Pacific, has been trading in Forex market for close to a decade. Himanshu also runs one of the fastest growing Forex portal ForexAbode.com which provides free Forex trading analysis, forecast & strategies, free trading tools, education, Forex Blogs and Forex Forum and contributes the analysis to financial and Forex websites like SeekingAlpha.com, MarketOracle.co.uk, ForexStreet.net, CountingPips.com, International Business Times and some more. Contact details: You may please leave your suggestions, comments or complaints using the comment form or write to us using the Contact Us page. You may also connect the author on Google at +Himanshu Jain

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1 response to USD/JPY’s Bullish Moves Continue But With A Loss In The Momentum

  1. HOW DO WE KHOW WHEN IT COMES AN ALERT
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