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James Chen
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James Chen, CTA, CMT is Director of Technical Research and Education at FXDD, a global leader in foreign exchange trading. He is also a registered Commodity Trading Advisor and a Chartered Market Technician. He is the author of the books, "Essentials of Foreign Exchange Trading" (John... More
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  • Chart of the Day - 8/11/2009 – EUR/JPY 0 comments
    Aug 11, 2009 11:20 AM


    (Chart courtesy of FX Solutions' FX AccuCharts. 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.)


    8/11/2009 – EUR/JPY – After approaching resistance in the 139.00 price region, price action on EUR/JPY, a daily chart of which is shown, has respected that resistance zone by beginning a possible reversal of the short-term uptrend that has been in place since early July. This bearish turn has manifested itself in a tentative breakdown of a significant uptrend support line. In the event of a close and bearish continuation of the breakdown below this trendline, a clear support target further to the downside resides in the key 131.00 price region. Major upside resistance continues to reside in the 139.00 price region.

    James Chen, CMT
    Chief Technical Strategist
    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.


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