Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

USD/JPY Drop Traverses Bullish Channel

USD/JPY (4-hour chart) as of Friday (7/08/2011) has been moving in a general consolidation framed by a slightly bullish channel. On the heels of the Non-Farm Payrolls report, price action dropped from the very top of this channel down to approach the very bottom before making a slight bounce. For more USD/JPY forex technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education