| USD/JPY - Consolidating Near Support Within Downtrend Posted: 02 Mar 2010 08:55 AM PST  Price action on USD/JPY, a daily chart of which is shown, has just formed a tight consolidation after having made a strong bearish run in late February. This occurs within the context of a continuing parallel downtrend channel that has been in place since the 2009 high in April. Having just respected the upper resistance border of this downtrend channel on 2/19/2010, price went on to breakdown below a short-term uptrend support line on 2/23/2010. That bearishness followed through to approach strong support around 88.50 before falling into the current consolidation. For more technical analysis on this currency pair, please click here for Tuesday’s (3/02/2010) Chart of the Day.
- James Chen, CTA, CMT * For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here. 
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nice technical analysis!!
ReplyDeleteとても参考になります。
Thank you.