Mar 08 2009
Usd/jpy : The upmove a govt intervention? What next?
Usd/jpy for last few weeks had been an interesting piece of experience for those entirely new to trading..
Why?
Because we saw last few weeks the upmove in usd/jpy without retracement starting from 87 region till it hit the 99 region. This was classic case of intervention by japanese govt since its hampering their economy due to strong JPY .
Now what? we saw NFP move pushing usd/jpy lower but now the price action shows a pin bar at imp support level which is showing us 100 to 101 region on usd/jpy as next target .
I am attaching a chart for you here
In this chart you can clearly see thepinbar formed of the important support level showing 101 to 100 region to be the next target .
Usd/jpy then would be interestiing to see as that level of 101 to 102 is lon term support turned resistance now .Price action at that level would give us an idea about next move in usd/jpy.
So get ready for the markets to open now!







































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