Chart of the Day
USD/JPY 4-Hour Chart — July 15, 2010
By
James Chen
, Published:
07/15/2010
(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.)
7/15/2010 – USD/JPY – Price action on USD/JPY (a 4-hour chart of which is shown), as of Thursday (7/15/2010), made a substantial plunge to break down below key support at 88.00 and now once again looks to be targeting further key support in the 87.00 price region. This 87.00 level is also where price established a clear double-bottom low pattern earlier this month. By rising up above 89.00 after that double-bottom low, price fulfilled the pattern’s upside target. Soon after reaching that target, however, price established a double-top high above 89.00, and subsequently fell to its current position just above 87.00 once again. In the event of a further breakdown below 87.00, the entrenched downtrend will have confirmed its continuation, with a further key downside support target in the 85.00 price region.
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James Chen, CMT
Chief Technical Strategist,
FX Solutions
Chief Technical Strategist,
FX Solutions
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