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USD/JPY Triangle Breakdown to Approach Extreme Lows

USD/JPY (a daily chart of which is shown) as of Tuesday (3/15/2011) has dropped substantially to breakdown decisively below a triangle consolidation pattern that has been in place since the 80.20 area low, which represents the 15-year low that was hit on the last day of October 2010. Price is currently very close to re-testing that extreme support level once again. For more USD/JPY technical analysis, please click here.

James Chen, CTA, CMT