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100 $/Yen is no Big Deal

by Ashraf Laidi
Apr 3, 2009 12:10 | 4 Comments

100 $/Yen is no Big Deal - USDJPY Apr 3 (Chart 1)

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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Comments (Showing latest 4 of 4) View All Comments
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Apr 6, 2009 12:27
ForexCatalyst. Yes, a breack fo 8550 in Dow should definitelyhelp USDJPY push high. 103.45 stands after 101.65.

FL, watch out for S&P500 at 860-865. If this fails to break within the next 4 weeks than we see renewed selling in USDJPY.

Ashraf
FL
GuangZhou, China
Posts: 14
16 years ago
Apr 6, 2009 5:49
Hi Ashraf,

So Then you thought which level Does spatially Compared with security 101.50 or 102,103?

In future one month You downward see any price? Dow Upward You saw any position halts.

Thanks a lot
ForexCatalyst
California, United States
Posts: 2
16 years ago
Apr 5, 2009 20:56
If the Dow continues its Bear Market rally to meet the 150 day MVA in the short term, now at 8550, could we break the USD/JPY 101.50 and see more money move into the the Carry Trade? I'm betting on it, .. Carefully.
Rob
New York, United States
Posts: 305
16 years ago
Apr 3, 2009 15:20
So much for psychological resistance - thanks for the clarification.
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