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USD/JPY Remains Volatile With Sharp Price Moves In Both Directions
By Greg Michalowski on June 1, 2009 | More Posts By Greg Michalowski | Forex News By FXDD
The USDJPY volatility continues.
The last three days has seen the price move up sharply, then down sharply and now back higher as interest in JPY carry trades helps the pair today. The low today reached 94.44. The high so far has been 96.77. In the process, the price moved through the 100 day moving average once again at the 95.59 level
The upside has resistance at the 97.24 level where the 200 day moving average is currently located. Last Thursday, the price tested the moving average but could not muster the needed upside momentum. This remains the key topside resistance target and level.
On the downside today, the intraday support comes in at the 96.17 area. Below that level is better support at the 95.89 price (38.2% of the move up today).
Note that with the increased interest in the Yen carry trades and the volatility increasing as a result, could make the moves volatile.
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