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Forex Trading: USD/JPY Moves To New Highs For The Day
By Greg Michalowski on March 20, 2009 | More Posts By Greg Michalowski | Forex News By FXDD
The USD/JPY has been moving higher today (Friday). Yesterday, the pair bottomed at the 100 day moving average and the 50% retracement level of the move up from the January low to the March high (see chart above). This was significant and given the fall in the stock market today, corrective move got going.
The pair is approaching resistance at the 96.25 level which is the midpoint of the move lower over the last few days. Watch this level for resistance. Once again, it is Friday and action can be very volatile.
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