New York
London
Tokyo
Chart Of The Day
Join James Chen, FX Solutions\' Lead Technical Analyst, each day as he provides commentary for a given currency pair chart setup.

July 24 – USD/JPY – Major downside support target

July 24, 2009 at 4:30 pm • Posted in General

USD/JPY Chart - July 24

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

7/24/2009 – USD/JPY – Price action on USD/JPY, a daily chart of which is shown, has bumped up against the dynamic resistance imposed by a steep downtrend line within the context of a significant parallel downtrend channel. If this intermediate downtrend line is broken significantly to the upside, which would be evident on a breakout above the last high at 95.30, the clear upside resistance target would be around the top border of the parallel downtrend channel. On any move down within this channel, whether immediately or after reaching the top of the channel, a major downside support target resides in the key 91.00 price region.

James Chen, CMT
Chief Technical Strategist, FX Solutions

To download the latest version of FX AccuCharts 7.1, please click here: Download FX AccuCharts 7.1

SocialTwist Tell-a-Friend

Leave a Response

Trading Metro
Disclaimer

Before diving into the legalese below, use your common sense when trading. Rely on yourself to define trade execution, don't trade with money you cannot afford to lose, and know the risks of trading. Be responsible, be honest, and use common sense.

Online trading, especially that on margin carries a high level of risk and may not be suitable for all investors. Opinions expressed at Trading Metro are those of the independent authors and do not necessarily represent the opinion of Trading Metro. Trading Metro has not verified the accuracy of any claim or statement made by any independent author. It's your responsibility to ensure the veracity of information presented.

Any solutions, opinions, news, research, analyses, prices or other information contained on this website, by Trading Metro, its employees, partners or contributors, is provided as general market commentary and tools, and does not constitute investment advice. Trading Metro 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. Information on Trading Metro is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on Trading Metro is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy and our Privacy Notice.

Feedback Form