Forex Trading: USD/JPY Busts Through 50% Retracement Level

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Forex Trading: USD/JPY Busts Through 50% Retracement Level

By Greg Michalowski on March 4, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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Overnight the USD/JPY busted through the 50% retracement level at the 98.88 level. The break led to strong buying and moved the price to the highs at 99.47. We are currently testing that level again but the market is finding some sellers against the level initially. A correction down should find some initial support against the 99.09 level (chart below). On the upside, a break higher has a target at the 200 day MA which comes in at 100.28 (chart above).

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