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Chart of the Day − USD/JPY
Wed, Oct 8 2008, 15:28 GMT
by James Chen
(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 – USD/JPY – 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 “A”), price has dropped all the way back down slightly below the support offered by the long-term downtrend line (marked “B”), 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 “C”), and reached all the way down to the 98.50 support level (marked “D”) 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 “E”). 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.
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Published on Wed, Oct 8 2008, 15:30 GMT
Archive
- Chart of the Day - EUR/USD
Published On Mon, Dec 1 2008, 19:00 GMT - Chart of the Day - USD/JPY
Published On Wed, Nov 26 2008, 16:42 GMT - Chart of the Day - GBP/USD
Published On Tue, Nov 25 2008, 17:15 GMT - Chart of the Day - EUR/USD
Published On Fri, Oct 31 2008, 14:49 GMT - Chart of the Day - GBP/USD
Published On Wed, Oct 29 2008, 16:40 GMT
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