Jan 19, 2010

FX Path

FX Path

USD/JPY - Bearishness Bounces Off Key Support

Posted: 19 Jan 2010 08:33 AM PST

USD/JPY Daily ChartPrice action on USD/JPY, a daily chart of which is shown, has displayed marked bearishness for more than a week, since the top of a parallel downtrend channel was reached and respected in early January. In the course of this bearishness, price broke down below a key intra-channel uptrend support line extending from the late November lows. After that breakdown, price has continued to descend down to a key support region around the 90.50 area. For more technical analysis on this currency pair, please click here for Tuesday’s (1/19/2010) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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