Forex Trading: USD/JPY Running Into Some Trendline Resistance

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Forex Trading: USD/JPY Running Into Some Trendline Resistance

By Greg Michalowski on May 7, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

Regardless of the strong equity rally globally and especially in the US, the usually heavily equity correlated USD/JPY pair has been unable to find a strong bid. This continues to surprise us as the Nikkei opened the trading day up 4+%.

We are now watching the pair trade off some trendline resistance and we will continue to look for sell-offs as opportunities, ahead of any possible BOJ intervention against the Yen.

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