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Forex Trading Technical Analysis (2010/07/21) GBP/JPY Rides Support

GBP/JPY (a daily chart of which is shown) as of Wednesday (7/21/2010) continues to ride just above key support around the 132.00 price region. This occurs within the context of an overall long-term downtrend channel. For more GBP/JPY analysis, please click here.

(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)

James Chen, CTA, CMT