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USDJPY: Bulls Move to Challenge 83.00

USDJPY: Bulls Move to Challenge 83.00

2011-03-11 09:53:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

USDJPY followed a bullish Inverted Hammer candlestick with a push toward the psychologically critical 83.00 figure, stalling just ahead of resistance at the 61.8% Fibonacci retracement of the drop from February’s high (83.08). However, congestion remains the name of the game for now, with positioning offering no actionable trade setup. We will remain on the sidelines for the time being.

USDJPY_Bulls_Move_to_Challenge_83.00_body_03102011_JPY.png, USDJPY: Bulls Move to Challenge 83.00

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