Japanese Yen Cross Pick 03.24.10
The USD/JPY broke out of its recent range and surged to a high of 91.95, which failed to trigger the short entry I had at 89.00 from the previous week. The dollar-yen is certainly threatening the downward trend from the 2007 high (124.13) and broke above the 200-Day SMA (91.56) for the first time since January, which could lead to a phase of consolidation going into the following month. However, as the overnight advance appears to be stalling out ahead of the February high at 92.14, I will wait for further confirmation before looking to take another trade.
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