USDJPY quietly moving higher. Looking to break

Written April 3, 2009 at 2:12 PM EST by  

gregmike-02684

The USDJPY is moving nicelyhigher today after testing the intraday trendline on the hourly chart  After closing above the 200 day MA yesterday (at 99.30) and extending the move to the upside today, moving higher looks like the way to go.  The next target is 101.60, the 61.8% Fibonacci Retracement of the move down from the August 2008 high (see daily chart below).   

gregmike-02683

A move above the high for the day at 100.26 would be a good way for the week to end.    This should lead to increased buying interest into the close.  Lets see if a Friday PM squeeze can move the pair higher.

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