| GBP/JPY Potential Breakdown within Downtrend Posted: 07 Jun 2010 10:16 AM PDT  Price action on GBP/JPY, a daily chart of which is shown, has been following a leg of a long-term overall downtrend for about a year now. This downtrend leg is framed by a rough parallel downtrend channel. Recently, within the context of this downtrend channel, price has been in the process of making a bullish correction after hitting a 15-month low around 126.70 in late May. This correction is represented by an intra-channel uptrend support line. For more technical analysis on this currency pair, please click here for Monday’s (6/07/2010) 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.
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