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USD/JPY Hits New All-Time Low Within Bearish Trend Channel

USD/JPY (daily chart) as of Wednesday (10/26/2011) has hit yet a new all-time low below 76.00, reaching down to 75.70 in Wednesday’s trading. This bearish price action conforms to a bearish trend channel that extends back to the early April high around 85.50. The downtrend channel has prompted the pair to drop below successively lower support levels, including the key 80.00 and 78.00 levels. For more USD/JPY forex technical analysis, please click here.

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