Oct 25, 2010

FX Path

FX Path

GBP/JPY - Bearish Trend Hits Fresh Long-Term Low

Posted: 25 Oct 2010 10:29 AM PDT

Price action on GBP/JPY (a daily chart of which is shown) as of Monday (10/25/2010) has just established a new 20-month low by breaking down tentatively below the previous long-term low of 126.70 set in May. This occurs within the context of a strong parallel downtrend channel extending back to the August 2009 high. For more technical analysis on this currency pair, please click here for Monday’s (10/25/2010) 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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