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Currencies: Technical Strategies

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USD/JPY at a Key Level

Thu, Jul 3 2008, 16:51 GMT
by Andrei Pehar

fxKnight.com  |  View company's profile


The Japanese Yen is currently standing at a key level against the US Dollar, and which way it goes from here could well help determine future trend/direction.

Currently price is squeezed into a tight range between the 50% Fibonacci retracement level at 106.69 and the weekly central pivot point at 106.84.  Additional resistance is coming from the 50 moving average on the 4-hour chart, and the 200 moving average on the 1-hour chart.

If price can manage to break above these levels to the upside, then additional resistance is waiting at  107.09, 107.92, and 108.40

Once price finds its top and begins to move downward, support is waiting at 106.29, 105.79, and 104.98.  The latter is once a again a key level, for if that breaks (and re-tests as resistance) then a longer-term target at 102.87 may eventually come into play.

fxKnight.com




Published on  Thu, Jul 3 2008, 19:11 GMT


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