USDJPY looking toward the target at 88.23

Written March 3, 2010 at 11:52 AM EST by  

gregmike-00703

As per earlier post, the USDJPY is looking to test the 61.8% retracement of the move up from the November low to the January high. The level comes in at the 88.23 price.  A break of that level will look toward 87.50.

Look for profit taking buyers against the 88.23 level with stops on a break. Topside should find sellers against the 88.46 level now (low from earlier today).

gregmike-00705

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