I sold USDJPY at 90.14. Prices are testing above near-term resistance at the top of a falling channel that has been guiding the pair lower from the swing high in January. I will monitor prices for a daily close above this juncture, as this would expose a move to the top of a larger channel set from March 2009 (now at 92.14) and offer a compelling reason to cut the position. For the time being, I will continue to hold short with a stop-loss activated on a daily close above 91.89.
Visit DailyFX
