Forex Trading: USD/JPY Hovering Above 100-Day Moving Average

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Forex Trading: USD/JPY Hovering Above 100-Day Moving Average

By Greg Michalowski on May 15, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The USD/JPY is sitting just above the 100 day moving average near 95.11. A test of this level will likely occur. Levels of support on the downside come in at 94.20, 93.36 area and long term near 92.10. If the pair fails to move lower we may see a move back between the goal posts. The 200 Day MA (green line) is currently at 98.02.

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Look for direction on the shorter term charts like the 5 minute. A bounce will be necessary for the pair to continue a move lower as seen in the big picture daily chart. A target for this would be higher up at the 100MA (blue line) near 95.32

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