| USD/JPY - Triangle Consolidation within Downtrend Posted: 23 Mar 2010 09:25 AM PDT  Price action on USD/JPY, a daily chart of which is shown, has been in a trading range consolidation for around two weeks now. This consolidation has taken the form of a symmetrical triangle or pennant type of formation, which is essentially a converging consolidation, and occurs within the context of an overall long-term downtrend. For more technical analysis on this currency pair, please click here for Tuesday’s (3/23/2010) 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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| USD/CAD - Bullish Correction Before Reaching Parity Posted: 23 Mar 2010 06:38 AM PDT  A bullish correction on USD/CAD as of Tuesday (3/23/2010) morning New York session has brought price back up to hit and briefly exceed resistance around the 1.0200 price region. Currently, price is consolidating right around this resistance. This bullish correction occurs after previously bearish price action within the context of an overall downtrend descended to 1.0060, just shy of its parity (1.0000) target. If the current bullish correction has ended, which would be evident by respect of the 1.0200 area, the major downside support target continues to reside around parity. To the upside, in the event of an extension of the correction that breaks out strongly above 1.0200, the key upside resistance target resides around the 1.0400 price region.
- 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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