As the USDJPY wanders lower, the 200 day MA comes back into focus
Written April 8, 2009 at 1:35 PM EST by Greg Michalowski
As a reminder, the USDJPY is wandering down this afternoon, and the move brings the key support levels back into focus. Initially there is support against the 99.31 level to 99.46 where lows, highs and the 38.2% retracement level is located. Below that is the current 200 hour moving average which comes in at the 99.23 (see chart above). Finally, the 200 day moving average also is currently coming in at 99.23 (see chart below). As a result, I would expect profit taking buyers as the price approaches this level.
Categories: Forex Trading | Tags: USD/JPY
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