| USD/JPY - Follows Bearish Trend Posted: 23 Aug 2010 10:06 AM PDT  Price action on USD/JPY (a 4-hour chart of which is shown) as of Monday (8/23/2010) has once again respected the strong accelerated downtrend represented by the key downtrend resistance line extending from the early June high. Although the end of last week saw price rise to approach this trendline once again, the current trading week has begun with significant bearishness and with price action once again dropping to approach the 84.70 long-term (15-year) low. For more technical analysis on this currency pair, please click here for Monday’s (8/23/2010) 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.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here. 
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