Usd/Jpy: Key Resistance Level Being Tested

6:00 am est

Casey Stubbs — Winners Edge Trading
Usd/Jpy

When a key resistance level like this comes along it is time for traders to pay attention.

The dollar hit a key technical and mental resistance level this morning just short of 100.00. The price hit 99.79 and the price has stalled and has been struggling to break 100.00. Watch the 100.00 level closely if the price beats that level we could see more gains. This is the third time that this technical level has been tested. The first time was on November 2, 2008 than on March 4 and now again on April 2, 2009.

If the price can break through the 100 area we could see the price move to a target of 103.00 in the near future. However if the price fails to break through this level. We could see more JPY gains to the low 80’s as a target.

This is a great trading opportunity. Make sure you watch this pair and enter at the right time.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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