Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Dollar/Yen Rotates Up Toward Key Sell Area

The USDJPY has pushed higher the last two days after finding support down near 94.00 - 93.75 late last week. Overall, momentum and daily chart trend is bearish, and if this market continues to retrace higher we can watch for price action sell signals from resistance to rejoin the downtrend. The primary resistance area we will watch is up near 97.00 and up to about the 21 day EMA; if we get an obvious 4 hour or daily chart price action sell signal within that resistance area it could be a good opportunity to rejoin the downtrend.