Wednesday August 6, 2008 - 15:27:54 GMT
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Chart of the Day - 8/06/2008 - 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 line in yellow; 50-period simple moving average in light blue.)
8/06/2008 â€“ USD/JPY â€“ After much anticipation, price on the USD/JPY daily chart, as shown, has just made a swift breakout above the key resistance level around 108.50-108.60. This break is significant, as price had been bumping up against this level since February without a breakout. Now that it has occurred, if there is continued follow-through and upward momentum on the break, price should meet significant resistance at or near the uptrend line (in green) that has served alternately as support and resistance since March. Any retracement on the current bull run, on the other hand, should now meet support around the broken 108.50-108.60 level, as prior resistance should subsequently become support.
Chief Technical Analyst
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