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Chart of the Day - 5/01/2008 - USD/JPY
5/01/2008 – USD/JPY – Within the context of the long-term downtrend channel (with its dotted line channel extension) on the USD/JPY daily chart, as shown, price action has been marked by consistent breakdowns of short-term, intra-channel uptrends (represented on the chart by the green lines). The current short-term uptrend may be no different. Technical traders are waiting to act upon any clean and fast breakdown of this intra-channel trend, which is well-defined and rather steep. Oscillators like the displayed Stochastics are supporting this possibility of a bearish break, as price is emerging down from severely overbought territory. In the event of this breakdown, major support to the downside resides in the 101.50 region, which is a significant historical support/resistance zone. James Chen Chief Technical Analyst FX Solutions IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. (Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)
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