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USD/JPY Confirming Potential Trend Change

USD/JPY (a 4-hour chart of which is shown) as of Monday (11/15/2010) has emerged from the depths of the long-term lows to attempt a bonafide push to the upside. The beginning of the new trading week has seen price action rise tentatively above and stall around key resistance in the 83.00 price region, which has served as a proverbial “line in the sand” between the bearish and bullish camps. For more USD/JPY forex technical analysis, please click here.

James Chen, CTA, CMT