Chart of the Day
USD/JPY 4-Hour Chart — June 30, 2010
By
James Chen
, Published:
06/30/2010
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
6/30/2010 – USD/JPY – Price action on USD/JPY, a 4-hour chart of which is shown, has recently been entrenched within an accelerated downtrend. Within this downtrend, after price broke down below key support in the 89.00 price region earlier this week, this currency pair has since consolidated in a slightly bullish, flag-like corrective pattern. A key event to watch for, from a bearish trend-trading perspective, would be a breakdown below this pattern’s short-term support uptrend. If indeed this support is broken, a key downside support target resides in the important 88.00 price region. And in the event of a breakdown below 88.00, a further downside support target resides in the 87.00 price region.
To download the latest version of FX AccuCharts
please click here: Download FX AccuCharts
please click here: Download FX AccuCharts
James Chen, CMT
Chief Technical Strategist,
FX Solutions
Chief Technical Strategist,
FX Solutions
*IMPORTANT NOTICE: The information contained herein is solely for informational purposes and should not be construed as trading advice. FX Solutions ("FXS") believes that the information contained herein is accurate however, FXS cannot guarantee the accuracy of said materials. Under no circumstances shall FXS have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance in connection with the collection, compilation, analysis, interpretation, editing, transcription, transmission, communication, publication or delivery of such information, or (b) any direct, indirect, compensatory or incidental damages whatsoever (including without limitation, lost profits) resulting from the use of or inability to use any such information. The charts and other opinions constituting the information contained herein are, and must be construed solely as statements of opinion and not statements of fact, recommendations and/or trading advice. FXS cautions that no single source of information should be used when making trading decisions. Click here for more information.