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Many Forex traders, from those fresh off the block, to those who have been around for years, often forget that to survive over the long haul, common sense is a "must." However, when we're in the trees, we often find ourselves unable to see the forest. With a common sense approach, traders of all levels will find the "true paradigm" of profitable Forex at their fingertips. Using a common sense approach, traders will learn to spot future trends, often, before they ever even appear.

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Known as the "Black Knight" in trading circles, Andrei Pehar is a private fund manager, consultant to management, and a sought-after speaker, trainer, and coach for professional traders and individual investors alike. He's also founder and Sr. Currency Strategist at fxKnight.com.

His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts. He is the author of "Trading Forex for Living", published by Harriman House

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March 2009

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Key Level to Watch for the Yen

Posted 03:41 18 March 2009 | 2

We are approaching a key level for the Japanese Yen vs. the US Dollar, one which proved to be of significance back in March of 2008, and again in November. If 98.50 holds as resistance, then we would likely head back to retest 95.74 as support (this also corresponds to the weekly 21 EMA).

If price can stay north of that line, and eventually break 98.50 resistance to find some support there, the next likely targets would be 100.56 and 102.44 If, on the other hand 98.50 proves unbreakable resistance, and support at 95.74 gives way, then we could be looking at a drop back down to 90.63, perhaps 88.07 as a secondary target.

Comments (2)

I fell asleep and missed the 400-pip move on the USD/JPY today after the announcement.
petaganayr | Posted 17:07 18 March 2009
Went right t0 95.74 :)
BlackKnight | Posted 11:18 19 March 2009

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