Aug 17, 2010

FX Path

FX Path

USD/JPY - Entrenched Within Bearish Trend

Posted: 17 Aug 2010 12:16 PM PDT

Price action on USD/JPY (a 4-hour chart of which is shown) as of Tuesday (8/17/2010) has generally consolidated in a range between the 86.50 resistance region and the 85.00 support region for the last two weeks. This consolidation occurs within the context of a steep and reliable downtrend resistance line extending from the June high. For more technical analysis on this currency pair, please click here for Tuesday’s (8/17/2010) 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.
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