Forex Trading: USD/JPY Trading Through Technicals

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Forex Trading: USD/JPY Trading Through Technicals

By Greg Michalowski on May 6, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The Yen has rallied for most of the Asian session as the last day of the Golden Week holiday comes to an end. The USD/JPY pair has moved off about 75 pips on the session and is currently breaking the converging 50 and 200 day moving averages. We will use 98 handle just below as the first level of support waiting for the pair to appreciate to levels that reflect the current gain in equities and the bid risk pairs are gaining. A break of these levels could lead us lower in the short-term, especially if there is any profit taking in the equity sector.

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