After breaking down below a key uptrend support line late last week, price action on USD/JPY dropped below major support in the 96.00 price region before displaying some dramatic bullishness by regaining all of the losses it had made after the trendline breakdown. For more technical analysis on this currency pair, please click here for Thursday’s (4/30/2009) Chart of the Day.
UPDATE: As of Friday (5/1/2009) morning, price has broken out above both noted trendlines and has reached up to approach the first mentioned resistance zone in the 99.65-100.00 price region.
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