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USD/JPY Uptrend Retracement

USD/JPY (a 4-hour chart of which is shown) as of Tuesday (12/21/2010) has retraced to support in the 83.50 price region, which is also close to approaching the lower border of a key parallel uptrend channel extending from the late October lows. This occurs after price action respected and descended from strong resistance in the 84.40-84.50 price region, which the pair has been unable to breach for the last three months. For more USD/JPY forex technical analysis, please click here.

James Chen, CTA, CMT