Thursday July 10, 2008 - 14:58:57 GMT
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Chart of the Day - 7/10/2008 - EUR/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; 200-period simple moving average in light blue.)
7/10/2008 â€“ EUR/JPY â€“ Price action on the EUR/JPY 4-Hour chart, as shown, has formed a clear symmetrical triangle. Price has been steadily approaching the apex of this triangle over the past couple of weeks as its volatility has progressively diminished. Considering that this pair has recently been entrenched in a marked uptrend, as well as the fact that triangle consolidations are most often considered continuation patterns, technical traders are waiting for any clean breakout above the top boundary of the triangle. In this event, the next obvious resistance level to the upside resides around 169.45, which represents the long-term high for the pair.
Chief Technical Analyst
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