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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
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.
Published on Thu, Jul 3 2008, 19:11 GMT
Archive
- An Interesting Chart- The USD/CAD Weekly
Published On Fri, Oct 30 2009, 22:25 GMT - Next Levels to Watch on the EUR/USD
Published On Thu, Sep 24 2009, 01:22 GMT - Key Level to Watch for the Yen
Published On Mon, Mar 16 2009, 20:04 GMT - How Much Further Can the Pound Fall?
Published On Tue, Jan 13 2009, 13:33 GMT - Has the Aussie Found Bottom?
Published On Wed, Oct 22 2008, 20:29 GMT
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