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USD/JPY - Continued Triangle Consolidation

Posted on November 19, 2008 at 15:54 in Analysis by James Chen

USD/JPY Daily Chart

(Please click on the accompanying chart to enlarge.)

As shown on the accompanying USD/JPY daily chart, price action on this key pair has formed a large triangle-type consolidation, much like the EUR/USD has been in recent days and weeks. There is a slight technical bias for an eventual downside break on the USD/JPY triangle. If this occurs with sufficient momentum to breakdown below the 95.80 level, price could further descend to the 94.50 region. A break to the upside, on the other hand, should meet initial resistance in the 98.50 region.

6 Responses to “USD/JPY - Continued Triangle Consolidation”

  1. on 19 Nov 2008 at 9:36 pm1St_Fx

    Hi James,
    Please comments on gbp, specialy euro’s today’s price action.
    thanks.

  2. on 20 Nov 2008 at 3:06 am2chris

    Hi sir,
    Glad to see you back and thanks for your analysis.

  3. on 20 Nov 2008 at 4:01 pm3Christina

    So, what you’re saying is if it doesn’t go down, it’ll go up. Well, that was helpful.

  4. on 20 Nov 2008 at 4:25 pm4James Chen

    Hi Christina,

    Thanks for your comment. If you notice, I did call for a downside bias, and gave potential technical levels. I would hope that might be helpful.

    James

  5. on 20 Nov 2008 at 6:07 pm5Rona

    Wellcome Back M.r James .. Glad to have you back again

  6. on 23 Nov 2008 at 4:32 pm6James Chen

    Thanks, Rona!

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