USD/JPY Heading North
Written February 18, 2009 at 9:35 PM EST by Alex Chernomordin
It seems that the risk averse Yen is not enough to keep investors involved as a reeling Japanese economy seems poised to decline further and lagging product demand and the threat of monetary intervention are making the Yen less and less attractive. Looking at a daily retracement analysis of the USD/JPY pair we see the pair went through what seemed like strong trendline resistance with relative ease and almost probed the 100 day moving average which has not been penetrated since September 2008 when the real appreciation of the Yen began. The pair seems to have the 61.8% retracement as short-term support and a break of the 100 day moving average could lead us through the full retracement and back to par.
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