Chart of the Day
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Chart of the Day − USD/JPY
Fri, May 30 2008, 16:02 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; Fibonacci retracements in grey; 50- period simple moving average in light blue.)
5/30/2008 – USD/JPY – Price action on the key USD/JPY daily chart, as shown, has reached a critical resistance level. This level is in the form of a significant long-term downtrend line (represented on the chart by the long, red line), which has provided downtrend resistance since the multi-year high in the pair was reached in June of 2007. A turn back down or at least consolidation at or near this line would be a reasonable outlook from a technical perspective. Current dollar fundamentals would also lend some strength to this bearish outlook. In the event of an impending turn at or near the resistance line, the next major support to the downside resides in the 102.50 region, which has established itself as a significant support level in the last month or so. A fundamentally-driven break to the upside, on the other hand, would target strong resistance around the historically significant 109.00 level.
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Published on Fri, May 30 2008, 16:04 GMT
Archive
- Chart of the Day – AUD/USD
Published On Thu, Jul 2 2009, 16:16 GMT - Chart of the Day – EUR/GBP
Published On Wed, Jul 1 2009, 16:15 GMT - Chart of the Day – USD/CAD
Published On Tue, Jun 30 2009, 15:31 GMT - Chart of the Day – GBP/USD
Published On Mon, Jun 29 2009, 14:44 GMT - Chart of the Day – EUR/JPY
Published On Fri, Jun 26 2009, 15:53 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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