Price action on GBP/JPY, a daily chart of which is shown, has been following an uptrend support line extending from the 15-month low hit in late May. This uptrend line represents a bullish correction within the context of a strong downtrend channel that began in August 2009. For more technical analysis on this currency pair, please click here for Wednesday’s (6/16/2010) Chart of the Day.
James Chen, CTA, CMT
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