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USD/JPY Pushing Higher

USD/JPY (a 4-hour chart of which is shown) as of Thursday (12/16/2010) has once again ascended to key resistance in the 84.40-84.50 price region. This occurs within the context of a well-formed parallel uptrend channel extending from the late October low, and after price bounced off the channel’s lower border. For more USD/JPY forex technical analysis, please click here.

James Chen, CTA, CMT