Wednesday July 9, 2008 - 14:40:46 GMT
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Chart of the Day - 7/09/2008 - USD/JPY
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)
7/09/2008 â€“ USD/JPY â€“ Price action on the USD/JPY daily chart, as shown, has been consolidating around some key levels in the past couple of weeks. After hitting strong resistance around 108.50 (the top yellow line), price bounced down to break a key uptrend support line (in green). After doing so, the pair reached further down to bounce up off a long-term downtrend support line (in red) that originally acted as resistance before breakout in early June. After this bounce, price rose and has been adhering to the underside of the short-term uptrend line (in green) for several days now. A false, or premature, break a couple of days ago showed some initial promise of a bullish run targeting 108.50 once again. But so far, a true break has not yet occurred. Technicals are still hinting at a bullish bias, which could soon mean a break of the uptrend line and a move back up towards the 108.50 resistance and possibly beyond. Any short-term drop, on the other hand, would meet a strong support obstacle in the long-term downtrend line (in red).
Chief Technical Analyst
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