Friday June 6, 2008 - 15:50:18 GMT
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Chart of the Day - 6/06/2008 - USD/JPY
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; downtrend lines in red; uptrend lines in green; 50-period simple moving average in light blue.)
6/06/2008 β USD/JPY β Depending upon how the downtrend resistance line is drawn on the USD/JPY daily chart, as shown, the pair could have either already hit significant downtrend resistance yesterday (line marked βAβ), or have around 200 pips more to go before it does so (line marked βBβ). In any event, after todayβs Non-Farm Payrolls announcement, the βAβ downtrend line was well-respected as price promptly turned back down at resistance. With the displayed Stochastics at or near overbought territory, oscillators are also lending strength to a bearish bias. In this event, the next major support to the downside resides around the 102.50 region, a recent support/resistance zone. In the event of a fundamentally-driven move back up above the βAβ resistance line, on the other hand, price should target further resistance at the βBβ downtrend line.
Chief Technical Analyst
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