Tuesday November 4, 2008 - 16:49:37 GMT
Share This Story
FXDD - www.fxdd.com
Forex Trading: USDJPY break 100.00. Approaches key resistance
The USDJPY has move back above the par level, gaining momentum on the break of the psychological level. The price is the highest level since October 22nd.
The USDJPY is being boosted by the Yen crosses which are benefitting from a strong move higher in the global stock markets. In addition since the threat of intervention, the subsequent 20 basis point cut by the BOJ, and the exhaustive liquidation in the cross currencies as month end approached, the pressure has subsided on the USDJPY and the JPY crosses. The USDJPY remains above the 100 (Blue Line) and 200 hour moving average (Green Line) and have tracked higher since October 28th, using the 100 hour moving average as support (see chart above). A move below the 100 hour moving average will change the short term sentiment on the pair.
On the daily chart the 50% Fibonacci Retracement of the move from the high of 110.65 on August 15th to the low of 90.91 on October 24th comes in at 100.78. This is the target resistance level for the day. I would expect seller/profit taking against this level. WATCH this level.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."