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USD/JPY Update - March of the Bears
Posted on September 22, 2008 at 19:58 in Analysis by James Chen

USD/JPY 4-Hour Chart

(Please click on the accompanying chart to enlarge.)

As of around the New York session close on Monday, price action on USD/JPY (a 4-hour chart of which is shown) has dropped dramatically since the beginning of the day. This drop comes shortly after bouncing down off of a significant downtrend resistance line (represented by the long black line). Further bearish action should target intermediate support around the 104.00 region, which is the level of the last significant swing low.

- James

James Chen is the Chief Technical Analyst at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT) Level 3 candidate. At FX Solutions, Mr. Chen writes daily currency analysis, conducts forex trading seminars, and has authored numerous articles on currency trading and technical analysis for major financial publications. His upcoming book, Essentials of Foreign Exchange Trading (John Wiley & Sons), will be released in early 2009.

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