Wednesday October 8, 2008 - 15:36:54 GMT
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Chart of the Day - 10/08/2008 - 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 levels in yellow; 50-period simple moving average in light blue.)
10/08/2008 â USD/JPY â It is no secret that the yen has strengthened dramatically in the last few days, as shown on the accompanying USD/JPY daily chart. After retreating from a significant downtrend resistance line (marked âAâ), price has dropped all the way back down slightly below the support offered by the long-term downtrend line (marked âBâ), which originally served as resistance before a breakout occurred in June. In the process, the pair has tentatively broken down below the key 100.00 level (marked âCâ), and reached all the way down to the 98.50 support level (marked âDâ) before bouncing back up again. Any further bearish price action below this 98.50 level should eventually target the key 95.75 support level (marked âEâ). In the event of a significant upward correction, on the other hand, the key 102.50 region should serve as strong resistance to the upside.
Chief Technical Analyst
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