Forex Trading: Beneficiaries Of GBP And EUR Weakness Are The Yen And US Dollar

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Forex Trading: Beneficiaries Of GBP And EUR Weakness Are The Yen And US Dollar

By Greg Michalowski on January 19, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The beneficiaries are the dollar (USDis up against the CHF, EUR and GBP) and the JPY. GBP/JPY and EUR/JPY are moving lower today. The GBP/JPY has resistance now at the 131.63 level. The 100 hour moving average and the 61.8% retracement level is centered around this level (see chart above). This should provide bears the confidence to sell against, with stops if the price moves back above the level.

The EUR/JPY is a llittle more supported. The pair is testing the 100 hour moving average at the 118.69 level currently. The low was 118.47 so far today but the price has bounced back toward the moving average. Watch the level.

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