| USD/JPY - Recovery from Last Week’s Plummet Posted: 10 May 2010 09:33 AM PDT  Price action on USD/JPY, a daily chart of which is shown, dropped around 600 pips down to key 88.00 support on Thursday (5/06/2010) of last week, but quickly recovered a portion of its losses the very next day. Beginning the new trading week after last week's short-lived plummet, price action continues to recover much of last week's one-day losses. Although last week was characterized by a wild swing to the downside, the technicals could begin to re-emerge this week. For more technical analysis on this currency pair, please click here for Monday’s (5/10/2010) 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.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here. 
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