Forex Trading: USDJPY dropped to retracement and moving average support and bounced

The movements in the market are quite volatile as the market wrestles with the economic situations around the globe. Having said that, technical levels are tending to be followed. For example, the GBPJPY held support at the 210.87 level initially today, then when it broke through, the pair quickly hit stops and traded to lows of 210.32.

It has since rebounded back above the 210.87 level. The level has now become support for the pair. The markets are technically driven and will most likely be watching this level throughout the day.

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Forex News: University of Michigan Confidence index to be released at 10:00 ET

The final statistic for the week will be the preliminary release for the February Michigan Confidence index. This will be released at 10:00 ET. The index is expected to decline to 76 from 78.4. A reading at this level would be near 25 year low levels and be indicative of the negative sentiment by consumers as a result of the housing and stock market declines