Tuesday July 29, 2008 - 15:30:25 GMT
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Chart of the Day - 7/29/2008 - USD/JPY
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend lines in red; horizontal support/resistance lines in yellow; 50-period simple moving average in light blue.)
7/29/2008 â€“ USD/JPY â€“ The swift bullish dollar move that has occurred this morning (Tuesday, July 29) was evident on all of the majors, including the USD/JPY pair (the daily chart of which is shown). As the other majors all had key levels broken by this move, USD/JPY also broke a short-term resistance line at around 108.00. Right above this is a significant resistance level at around 108.60 (the top yellow line). If price continues up to break this level as well, the medium-term uptrend line (in green) should provide further resistance to the upside. If the current bullish dollar move fails, on the other hand, a deep fall back would ultimately meet strong support around the top of the downtrend channel (in red).
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