Forex Trading: USD/JPY Hits 1st Resistance

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Forex Trading: USD/JPY Hits 1st Resistance

By Greg Michalowski on February 20, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

Revisiting yesterday’s analysis (USD/JPY Heading North), we see the pair touched our first resistance level the 100 day moving average and traded lower following the NY close, but maintained the 61.8% retracement level. With bad news continuing out of the pacific bloc , we will look for the USD/JPY pair to remain bid without out any help from the Nikkei or other global equity markets. However, for short-term purposes the second chart below shows the pair trading between the 500 minute (5*100) and 100o (200*5) minute moving averages after the NY close in what is amounting to a very quiet close the Asian trading week.

usdjpy40

usdjpy41

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