100 $/Yen is no Big Deal

by Ashraf Laidi

Apr 3, 2009 12:10

USDJPY breaks above 100 for 1st time since Nov 4 after yesterday's important break of the 200-day MA for the first time since October. In order for the current move to garner more credibility, USDJPY must breach above the 50-week moving average (100.48) and extend onto 101.5, which is the 61.8% retracement of the decline from the August high to the January low AND the trend line resistance from the same high. Considering that stocks will likely take profits after what could prove to be sharper increase in unemployment (above 8.2%) and further deterioration in payrolls (after stabilization in last 3 months), USDJPY appears overstretched for now.

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