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USD/JPY - Bearishness Down to a Key Trendline
Posted on January 12, 2009 at 14:36 in Analysis by James Chen

USD/JPY Daily ChartStrong bearish price action on the USD/JPY (a daily chart is shown) in the last several days, which has resulted from increasing risk aversion in the market, has descended all the way down to a key downtrend line above which the pair broke in the very beginning of the year. This is as of early Monday morning in New York. In the event of further bearishness that breaks cleanly back below this line, as might be expected, we could soon be seeing price test the long-term support lows that were last hit in mid-December (around the 87.00 region).

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