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Forex Trading Technical Analysis (2010/08/23) USD/JPY Respects Downtrend



USD/JPY (a 4-hour chart of which is shown) as of Monday (8/23/2010) has once again respected the strong accelerated downtrend represented by the key downtrend resistance line extending from the early June high. Although the end of last week saw price rise to approach this trendline once again, the current trading week has begun with significant bearishness and with price action once again dropping to approach the 84.70 long-term (15-year) low. For more USD/JPY forex technical analysis, please click here.

James Chen, CTA, CMT