USD/JPY Ranging As Other Risk Currency Pairs Rally

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USD/JPY Ranging As Other Risk Currency Pairs Rally

By Greg Michalowski on June 2, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The USD/JPY pair has been caught in mud as equities and commodities appreciate. With the Euro, Sterling and Aussie moving higher along with the aforementioned markets, the lack of a move north on USD/JPY makes the gain in the other pairs seem more related to USD weakness and commodity bids rather than a real growth in the risk appetite. As these developments unfold and the equity bears look for a pullback, we will watch some technicals on the pair and trade them cautiously.

The technical trend setting 200 day moving average has acted as resistance since last week and breakthrough could lead us toward the double top identified on the chart below ahead of par. To the downside we will watch the 50% retracement and the double bottom below it for some support.

usdjpy

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