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USD/JPY Continues Bearish Trend |
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Technical Archives |
Written by FX Solutions |
Sep 02 10 20:39 GMT
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USD/JPY Continues Bearish Trend
Price action on USD/JPY (a 4-hour chart of which is shown) as of Thursday (9/02/2010) has formed an approximate double-bottom low in the 83.60 price region. This occurs within the context of a strong and continuing downtrend extending from the early June high. This downtrend is currently still valid, despite the false break to the upside late last week. The key immediate upside resistance level to watch above the noted downtrend line continues to reside in the 85.00 price region. A breakout to the upside above 85.00 would place the current accelerated downtrend in jeopardy, potentially targeting further upside resistance around 86.40. In the event of a breakdown below the double-bottom low around 83.60, price action will have established a new 15-year low and confirmed a downtrend continuation, potentially targeting further downside in the 82.00 price region.
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(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 lines in yellow; 200-period simple moving average in light blue.) |
