Forex Trading Technical Analysis (2010/08/03) USD/JPY Hits 8-Month 2010 Low, Targets 85.00
(Please click on the forex chart thumbnail to enlarge)
8/03/2010 Forex Trading Technical Analysis (FXpath.com) – USD/JPY (a 4-hour chart of which is shown) as of Tuesday (8/03/2010) has established a fresh 2010 low, an 8-month low, after having broken down below the last low of 85.93 established late last week. This breakdown occurs within the context of a strong downtrend for the pair and confirms a continuation of this downtrend. Currently, a key downside support target on continued bearish momentum resides in the key 85.00 price region, which represents the general area of the long-term low hit in November 2009.
(Price on 1st pane, Slow Stochastics onlow of 85.93 established just 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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