Key Level to Watch for the Yen
Posted 03-16-2009 at 03:57 PM by fxKnight.com
Andrei Pehar, Sr. Currency Strategist, fxKnight.com
We are approaching a key level for the Japanese Yen vs. the US Dollar, one which proved to be of significance back in March of 2008, and again in November. If 98.50 holds as resistance, then we would likely head back to retest 95.74 as support (this also corresponds to the weekly 21 EMA).
If price can stay north of that line, and eventually break 98.50 resistance to find some support there, the next likely targets would be 100.56 and 102.44 If, on the other hand 98.50 proves unbreakable resistance, and support at 95.74 gives way, then we could be looking at a drop back down to 90.63, perhaps 88.07 as a secondary target.
We are approaching a key level for the Japanese Yen vs. the US Dollar, one which proved to be of significance back in March of 2008, and again in November. If 98.50 holds as resistance, then we would likely head back to retest 95.74 as support (this also corresponds to the weekly 21 EMA).
If price can stay north of that line, and eventually break 98.50 resistance to find some support there, the next likely targets would be 100.56 and 102.44 If, on the other hand 98.50 proves unbreakable resistance, and support at 95.74 gives way, then we could be looking at a drop back down to 90.63, perhaps 88.07 as a secondary target.
Total Comments 0
Comments
Andrei Pehar, Sr. Currency Strategist, fxKnight.com
Andrei is a private fund manager, consultant to management, and a sought-after speaker and coach for professional traders and individual investors alike. At a young age he was already playing in professional chess tournaments, and went on to further hone his strategic skills through years spent studying Japanese martial arts. From both worlds, he brings with him a unique perspective to the financial markets.
His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts.
Andrei is a regular contributor to BabyPips, DailyFX, and FXStreet. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques. His site fxKnight.com provides free tools and strategies for professional traders and individual investors (including live chat, strategy forums, training videos, worldwide market news, and streaming ForexTV).
Click Here to view videos by fxKnight
Andrei is a private fund manager, consultant to management, and a sought-after speaker and coach for professional traders and individual investors alike. At a young age he was already playing in professional chess tournaments, and went on to further hone his strategic skills through years spent studying Japanese martial arts. From both worlds, he brings with him a unique perspective to the financial markets.
His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts.
Andrei is a regular contributor to BabyPips, DailyFX, and FXStreet. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques. His site fxKnight.com provides free tools and strategies for professional traders and individual investors (including live chat, strategy forums, training videos, worldwide market news, and streaming ForexTV).
Click Here to view videos by fxKnight
