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USD/JPY Still in Bearish Trend |
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Technical Archives |
Written by FX Solutions |
Aug 26 10 20:24 GMT
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USD/JPY Still in Bearish Trend
Price action on USD/JPY (a 4-hour chart of which is shown) as of Thursday (8/26/2010) has made a bullish retracement after hitting a low just above its 83.50 downside support target just two days ago. This occurs within the context of an accelerated bearish trend extending from the early June high. Despite this retracement, the prevailing downtrend is still very much intact at the current time. In the event of a breakdown below the noted 83.50 support region, price could potentially target further downside support in the 82.00 price region, which would place the pair not far off from the 79.75 all-time low that was established way back in 1995. Dynamic upside resistance on the current bearishness continues to reside tentatively around the reliable downtrend resistance line extending back to early June.
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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.) |
