Forex Trading: USD/JPY Defended By 200-Hour Moving Average

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Forex Trading: USD/JPY Defended By 200-Hour Moving Average

By Greg Michalowski on December 22, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

We have followed the Yen on its remarkable rally and have noticed that the 200 hour moving average has defended the Yen against the USD since it penetrated it the last time at the end of November. On the chart below you will notice that has happened again today (Monday), making it the third day in approximately a month. We will continue to watch this level and use it as a reference point until the market dictates otherwise.

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