USD / JPY Update:

[RTFX-Trading]

USD / JPY Update:

The US Dollar yesterday closed at 92.17 against the Japanese Yen. What is interesting is the fact it closed above both the 200 day Simple Moving Average at 91.58, and the multiyear downtrend line at 91.88. The trend line had not been breached since the start of this decline in USD / JPY on the 22nd June 2007. On that day, the Dollar reached 124.14 against the Yen. From then on, it attempted to break this line between July and September of 2009, but fell short each time. On the other hand, the 200 day SMA has resisted since August 2009, with the 13th of August being the last day USD / JPY closed above this line.

With yesterday’s impressive rally, with a break of these 2 key resistance levels, we will now be looking for further gains to the upside. The next key resistance is at 93.77, 2010 high, while any setbacks should be well supported in the 91.00 area.

[IMG]http://www.rtfx.com/images/news/USDJPY250310.gif[/IMG]

[IMG]http://www.rtfx.com/images/news/USDJPY2503102.gif[/IMG]

Emman Xuereb
Trading Desk
RTFX Ltd
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