7
06
2008
Very technical USDJPY
Well we got a number of big things last night: the Employment Situation for the US was out and then Oil reached nearly USD140 per barrel.
It is fascinating that currency pairs prove that they abide by technical studies so closely. The USDJPY almost hit the 38.2% retracement of the weekly high low and quickly retreated when Dollar bears were able to use the employment data to trigger a rout.
There is no bearish reversal (going by the 4-hour chart) but strong support is likely to be found at 102.37. Going up there may be an overhead resistance zone from 109.25 - 109.87.
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