Monday September 29, 2008 - 15:12:37 GMT
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Chart of the Day - 9/29/2008 - USD/JPY
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance level in yellow.)
9/29/2008 â€“ USD/JPY â€“ Price action on the USD/JPY daily chart, as shown, has just reached up to a key downtrend line (represented by the short red line), and then subsequently bounced down considerably off this line, respecting its resistance once again. This last touch is at least the fourth time in the lineâ€™s existence that price has respected its boundary, and the line should continue to serve as resistance at least for the near-term. To the downside, as of Monday morning (New York session), price is currently approaching both an uptrend support line and a significant horizontal support/resistance line that are converging around the 103.70-104.00 price region. A breakdown below this support zone should hit further support around the 102.50 level.
Chief Technical Analyst
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