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USD/JPY Continues Triangle Consolidation Near Record Lows

USD/JPY (a daily chart of which is shown) as of Wednesday (2/02/2011) has continued its converging triangle consolidation that has been in place since the 80.20 15-year low was hit in early November. Having just bounced up slightly off the bottom of the triangle, price action is moving within increasingly narrow bounds. For more USD/JPY forex technical analysis, please click here.

James Chen, CTA, CMT