USD/JPY - Yen Bears In Control

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USD/JPY - Yen Bears In Control

By James Chen on February 26, 2009 | More Posts By James Chen | Author's Website

The big news of the past several days, of course, has been the substantial weakening of the yen. Perhaps nowhere is this more evident than on the USD/JPY, a daily chart of which is shown. The pair has reached and stalled, as of Thursday morning, around the key 98.00 support/resistance level. A double bottom reversal has already been confirmed. With continued bullish momentum, the major 100.00 price region is within target. Support to the downside continues to reside in the 94.50 region.

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