Price action on USD/JPY (a 4-hour chart of which is shown) as of Tuesday (12/14/2010) has once again respected the lower boundary of a parallel uptrend channel that extends back to the late October long-term low. Price action tested and respected this bullish support trendline in early Tuesday trading before making a pronounced bounce off this line. For more technical analysis on this currency pair, please click here for Tuesday’s (12/14/2010) Chart of the Day.
James Chen, CTA, CMT
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