Forex Trading: USD/JPY Tests Resistance After Holding Support

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Forex Trading: USD/JPY Tests Resistance After Holding Support

By Greg Michalowski on March 17, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The USD/JPY is testing the 50% retracement level of the big move down from the August 2008 high of 110.65 to the low of 87.11 reached in January 2009. The level comes in at the 98.88 level. The high so far today is 98.96. However, the price quickly reversed on the first move above the key level today.

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On the hourly chart the pair broke above resistance at the 98.40 area. The correction off the break came down to the 98.43. As long as the price can remain above this level and if the price can confirm the upside by moving above the 98.88 level with volume and momentum, the price bias should be to the upside for the USD/JPY. Watch these key levels.

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