USD/JPY: Near Term And Long Range Perspectives

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USD/JPY: Near Term And Long Range Perspectives

By Greg Michalowski on March 12, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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Looking at a short term USD/JPY chart on the 1 hour, the pair is currently moving towards the 38.2% retracement level near 97.05. Above this level 100 & 200 hour moving averages come in near 98.00. The next area of resistance is 100 pips away at 99.00 area.

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The longer term shows a seemly different picture. Since early March, the pair has been trending towards the 93.40 level which in the past has had multiple tests going back to November of 2008. The pair will need to break below the 95.50 area to give light to another test of this major support in the 93.40 level.

Its always a good idea to review the near term trends in the shorter charts and then to check the big picture perspective in the longer term charts like the daily.

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