| USD/JPY - Aggressive Bullish Push Posted: 05 Jan 2011 09:47 AM PST  Price action on USD/JPY (a 4-hour chart of which is shown) as of Wednesday (1/05/2011) has risen sharply and substantially to breakout above several different resistance levels, including the key 83.00 level. This occurs after price dropped precipitously during the latter half of December from a high around 84.50 to a low just below 81.00 at the very beginning of the new year. After that low was hit, a rough inverted head-and-shoulders pattern was established. For more technical analysis on this currency pair, please click here for Wednesday’s (1/05/2011) 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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