With the US Economy reflecting signs of improvement and the recent economic results supporting the fact, is an indication of the USD strengthening against its counterparts. The major possibilities are USDCAD, USDJPY and a highly possible GBPUSD.
displayed besides is a USDJPY daily chart. The chart reflects a huge downtrend, especially since the June 2008. However, with the worst of the crisis now almost reaching its end, the probability of the USD rising is highly possible. as we see, the 200 EMA (thick white line) has served as a resistance line indicator for us so far. the USD has been unable to break the line significantly. so the test for the USD now would be the 93.00 mark. if is sustains the 93.00 mark, then we can expect a rise up to at least 100.00. SO a good mid term trade with decent profit. I'll discuss the USDCAD and the GBPUSD graphs as a separate blog. Look forward to that blog and until then, have a good trading session.
