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USD/JPY - Key Uptrend Support Approached
Posted on April 21, 2009 at 13:50 in Analysis by James Chen

USD/JPY Daily ChartPrice action on USD/JPY, a daily chart of which is shown, has re-approached a critical uptrend support line extending from the double-bottom low around 87.00 back in January. As of Tuesday (4/21/2009) morning, price has reacted to this dynamic level by stalling just above it. This uptrend support approach comes after a significant bearish retracement in the last couple of weeks following the swing high to 101.43. The pair is currently at a critical juncture. Any substantial breakdown below uptrend support should target further static support around the 96.00 region. Conversely, a clear bounce up off the current uptrend line, which would be strongly confirmed with a breakout above the short-term bearish resistance line, should easily target 100.00 and potentially a retest of the 101.43 uptrend high.

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