Monday September 22, 2008 - 16:14:19 GMT
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Chart of the Day - 9/22/2008 - USD/JPY
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; Fibonacci retracements in grey; 200-period simple moving average in light blue.)
9/22/2008 â€“ USD/JPY â€“ As shown on the accompanying USD/JPY 4-Hour chart, price action has recently formed a relatively well-defined downtrend resistance line (represented on the chart by the red line), with at least three or four touches thus far. After the latest run-up to this line (between the recent low of 103.97 to the recent high of 108.00), price retraced to about 50% of the move (as shown on the chart by the Fibonacci retracement levels) before pulling back up a bit. In the event of a continuation of this upmove, clear resistance to the upside resides around the aforementioned downtrend resistance line, currently around the 107.75 region. A continuation of the latest bounce down off that downtrend resistance line, on the other hand, should target strong support around the 104.00 region, which is the approximate level of the last major swing low.
Chief Technical Analyst
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