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USD/JPY Continues Breakdown

USD/JPY (a 4-hour chart of which is shown) as of Tuesday (12/28/2010) has continued its bearish stance after breaking down swiftly below a key parallel uptrend channel last week, and then dropping further down to break below significant 83.00 support. Today, price action dropped below key 82.00 support before rebounding at the 81.80 price region, an approximate 61.8% Fibonacci retracement. For more USD/JPY forex technical analysis, please click here.

James Chen, CTA, CMT