USD/JPY

Looking at a short term USD/JPY chart on the 1 hour, the pair is currently moving towards the 38.2% retracement level near 97.05. Above this level 100 & 200 hour moving averages come in near 98.00. The next area of resistance is 100 pips away at 99.00 area.

GBPUSD broke above the trendline overnight. Moved GBPUSD higher

Written February 9, 2009 at 8:50 AM EST by Greg Michalowski

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The GBPUSD broke through the trendline resistance at the 1.4805 level on Friday, moving to a high of 1.4843, but came back down and closed at that level. This was a less than convincing break of a trendline from October.

Today, the market was able to move more convincingling through the level. The high today has come in at 1.4977 . The 1.5000 level will provide “big figure” resistance. The price was last above this level on January 9th. 1.5372 is the high price for 2009. This will also be a target. Finally the 100 day MA comes in at 1.5597. All these levels will act as resistance.

On the downside, the 1.4874 level will act as intraday support. This was the high near the opening today. Below that, the key level is 1.4805 level where we closed on Friday and where the trendline was originally broken on Friday.