Chart Analysis: USD/JPY

Friday, October 30, 2009

The JPY remains the highest beta currency as the JPY crosses are reversing higher just as quickly as the sold off in recent days as the US GDP triggered a move higher in bond yields. Note that the USD/JPY found support right on the 21-day moving average, which has been an important Moving Average on several occasions over the recent cycle. For resistance, we'll watch the 91.54 retracement level and the 92.00-area daily Ichimoku cloud resistance. The JPY will need new local lows in bond yields to work back below 90.00 in the USD/JPY.


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