Forex Trading Technical Analysis (2010/07/21) GBP/JPY Rides Support
(Please click on the forex chart thumbnail to enlarge)
7/21/2010 Forex Trading Technical Analysis (FXpath.com) – GBP/JPY (a daily chart of which is shown) as of Wednesday (7/21/2010) continues to ride just above key support around the 132.00 price region. This occurs within the context of an overall long-term downtrend channel. After making a bearish breakdown in late June below an intra-channel uptrend line extending from May’s long-term low, price action consolidated in a sideways fashion, unable to close significantly below 132.00 as of yet. In the event of a strong breakdown below 132.00, price action will have given a substantial bearish signal for a potential targeting of 130.00 and below.
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
James Chen, CTA, CMT (bio)
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