USD/JPY Ranging Into Year-End

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USD/JPY Ranging Into Year-End

By Greg Michalowski on March 31, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The year-end USD/JPY bid has yet to develop as news is moving markets these days. With a stimulus package expected out of Japan today, the pair got a strong bid through the 98 handle and then retraced right below. Looking at the pair on a daily retracement analysis we have been examining, the pair seems to be stuck between the 50% and 38.2% levels.

As Japans new fiscal year is upon us, a break north of the 50% retracement and 200 day moving average should lead us higher in the 1st quarter, and we will watch the 38.2% level as support.

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