Forex Trading: USD/JPY Recovers From Last Week’s Plunge
Price action on USD/JPY, a daily chart of which is shown, dropped around 600 pips down to key 88.00 support on Thursday (5/06/2010) of last week, but quickly recovered a portion of its losses the very next day. Beginning the new trading week after last week’s short-lived plummet, price action continues to recover much of last week’s one-day losses. Although last week was characterized by a wild swing to the downside, the technicals could begin to re-emerge this week.
To the upside, the key price level to watch continues to be in the 95.00 region. A strong break to the upside above this level should mean a resumption of the bullishness that prevailed before last week’s dramatic fall.
In the event that 95.00 is broken significantly to the upside, price could then potentially target further key upside resistance in the 98.00 price region, thereby potentially continuing the previously prevailing uptrend.
Best Credit Cards
Chase Freedom- Blue Cash
- Chase Sapphire
- American Express Platinum Card
- United Credit Card
- Southwest Credit Card
- Delta Credit Card
- British Airways Card - Get 100,000 Bonus Points
- Blue Cash Preferred
- Capital One Venture
- Discover Card
- Chase Ink Credit Card
- Discover More Card - 18 Month Promotional Balance Transfer
- Chase Sapphire Preferred
- Ritz-Carlton Rewards Credit Card
- Citi Diamond Preferred Card
- American Express Premier Rewards Gold Card
- Starwood Preferred Guest
- American Express Gold Card
- Citi Dividend
- Capital One Cash Rewards
- Discover Student
- Marriott Rewards Credit Card
- Marriott Rewards Premier Credit Card
- Capital One Secured Credit Card
- Hilton Rewards
- Credit Card Rewards
Broker Reviews