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USDJPY Looking For The Clue To Move

The trading in the USD/JPY (NYSEARCA:FXY) is uninspiring as traders seem to be waiting for a clue to go (to the upside or the downside). The IMF did their best to goose the price higher yesterday with calls for further easing (also citing the pair was overvalued). That rally was short-lived and although the price action has been supported, it has been rather dull.

The price remains between the 100 hour MA/trend line support below (at 79.48) and topside neckline resistance (at 79.75). Break above or below and look for traders to take the clue as a cue to either buy more, or sell out the longs. Look for that break and momentum.

http://www.forexlive.com/blog/2012/06/13/usdjpy-looking-for-the-clue-to-go/