USDJPY heading toward convergence as the market awaits the Feds Beige book
The USDJPY has maintained the topside gains but is coming toward a point where a move away should be forthcoming. The 100 bar moving average on the 5 minute chart comes in at the 87.21 level. The 200 bar MA comes in at the 87.15 level. There is topside trendline resistance at the 87.33 level and trendline support at the 87.11 level. Look for a break above or below the moving average levels and confirmation of the directional move via a move through the respective trendlines. If done, we should see further directional moves.
At 2:00 PM NYT the Fed’s Beige Book will be released. The report is an anecdotal commentary on the state of the US economy on a regional basis. The headlines released at the time tend summarize the report.
The complete report can be read by going to the following link at 2:00 PM NYT and clicking on the link for the December report:
http://www.federalreserve.gov/FOMC/BeigeBook/2009/
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