| USD/JPY - Bearish Continuation Posted: 28 Dec 2010 09:34 AM PST  Price action on USD/JPY (a 4-hour chart of which is shown) as of Tuesday (12/28/2010) has continued its bearish stance after breaking down swiftly below a key parallel uptrend channel last week, and then dropping further down to break below significant 83.00 support. Today, price action dropped below key 82.00 support before rebounding at the 81.80 price region, an approximate 61.8% Fibonacci retracement. For more technical analysis on this currency pair, please click here for Tuesday’s (12/28/2010) 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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