The best pair to trade now
USD/JPY: Above 100 SMA
Fri, Mar 12 2010, 11:36 GMT
by Valeria Bednarik
FXstreet.com Independent Analyst Team | View company's profile
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Risk appetite spreads across the board, yet USD/JPY seems to be delayed compared to its pairs. Quoting around 90.35, the downside has been capped by the 90.15 level, where we have the 100 daily SMA. Further rises in stocks, futures and gold, seen due to general market optimism, likely to send the pair higher, also supported by hourly charts that reached oversold conditions at daily low, and point for an upside corrective movement.
Back to test the 90.80 area will likely signal an acceleration in the pair, with first resistance/target area to consider, around 91.30, followed then by 91.65. Under 90.10 , pair should suffer some bearish pressure and test the 89.70/80 zone.

Published on
Fri, Mar 12 2010, 11:37 GMT
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user agreement. Please read our
privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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