Wednesday, September 16, 2009

USD/JPY Could Be On The Move To Test Support

Above is USD/JPY 4 hour chart. The pair resumed the downtrend until 90.2 before retracing as high as 91.63 today. As we can see from the chart, there seems to be a breakout of its retracement channel. The pattern almost identical with prior retracement. There is still some room above to 91.75 - 92.11 area, which are 50% and 61.8% Fibonacci retracement respectively. Meanwhile, I believe that 90.20 support will be though to break. Nevertheless, I already shorted the pair at 90.97 for 60 pips. Wish me luck!

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