Forex Trading: USDJPY Has Support At The 78.16-18 Level
The USDJPY corrected off new 3 plus month highs but has found support against the 38.2% of the move up from yesterday’s lows (see chart above at 78.159). The support level also corresponds with the 61.8% of the move down from the post BOJ intervention high on the daily chart and the ceiling area from the Nov/Dec period (see chart below – at the 78.18 area).
The USDJPY has trended consistently higher over the month of February and was boosted yesterday by the BOJ surprise QE (10 trillion yen). The sharp move higher took the price above the 200 day MA for the first time since April 2011. Is that significant? Yes. So sellers will need to prove that they can push the price below support levels to continue a more substantial corrective move.
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