Forex Trading: USD/JPY Reaches 50% Retracement Level

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Forex Trading: USD/JPY Reaches 50% Retracement Level

By Greg Michalowski on January 8, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The USD/JPY reached the 50% retracement level of the move up from the Dec 17th low of 87.13 and the Jan 6th high of 94.62. The level comes in at 90.88. The low was 90.89. The price bounced off this level on the first test as profit taking buyers/value buyers emerged. The level will be watched closely.

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