Forex Trading: USD/JPY Better Bid On Signs Of Recovery
The USD/JPY pair is appreciating this Asian session on the back of a more optimistic market outlook. On a day where we saw equities in NY post there biggest one day gain since February (1.3% DJIA, 1.31% S&P) and commodities continue their push higher, there have been few buyers of Yen as the Japanese holiday week continues. On the long-term retracement analysis below (13-months) we see the USD/JPY pair finding support at what was once trendline resistance and move toward the 61.8% retracement of move from 4/09 to 11/09. If the pair moves through this level there could be some further resistance at the 100 week moving average, which last resisted the pair in October of 2007 below the 118 handle.
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