Thursday August 6, 2009 - 15:43:31 GMT
FX Solutions - www.fxsol.com
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Chart of the Day - 8/06/2009 – USD/JPY
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow
Stochastics on 2nd pane; horizontal support/resistance levels in
yellow; uptrend lines in green; downtrend lines in red; 50-period
simple moving average in light blue.)
8/06/2009 – USD/JPY – Price action on USD/JPY, a daily chart of which
is shown, continues to consolidate just under a key downtrend
resistance line extending from the early April high. This downtrend
line exists within the context of a significant parallel downtrend
channel. Within this channel, price has been following a short-term
uptrend support line extending from the bottom of the channel in early
July. Within the past week, price has poked tentatively below this
countertrend line several times, but was unable to break it in any
significant manner. Within the context of the overall downtrend, a
breakdown below the current uptrend retracement line is a key event to
watch for. In this event, a clear downside support target resides in
the major 91.00 support/resistance price region. In the event of any
significant breakout above the parallel downtrend channel, price should
meet immediate further resistance around the 97.00 level, and then
further up at around the 99.70 price region.
James Chen, CMT
Chief Technical Strategist
FX Solutions
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