Wednesday November 26, 2008 - 16:56:01 GMT
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Chart of the Day - 11/26/2008 - 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 levels in yellow; 50-period simple moving average in light blue.)
11/26/2008 â€“ USD/JPY â€“ After breaking slightly above a key downtrend resistance line on Monday, price action on the USD/JPY (a daily chart of which is shown) has turned abruptly back down, respecting that dynamic resistance with a bearish engulfing candle pattern. Wednesdayâ€™s price action as of this writing has cautiously continued the downward push and looks to be targeting further support to the downside. From an overall technical perspective, this pair is looking bearish, as the prevailing downtrend that has been in place since mid-August currently appears to be leaning towards a continuation after a minor upside retracement. In the event of a clean breakdown below the 93.50 region, the level of the last double-tested swing low, price could eventually target major support in the 91.00 region, which is the level of the recent multi-year low in the pair.
Chief Technical Strategist
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