Price action on USD/JPY (a 4-hour chart of which is shown) as of Tuesday (12/28/2010) has continued its bearish stance after breaking down swiftly below a key parallel uptrend channel last week, and then dropping further down to break below significant 83.00 support. Today, price action dropped below key 82.00 support before rebounding at the 81.80 price region, an approximate 61.8% Fibonacci retracement. For more technical analysis on this currency pair, please click here for Tuesday’s (12/28/2010) Chart of the Day.
James Chen, CTA, CMT
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Great technical outlook on this pair. It is obviously will continue to fall even further and when the price is close below all time low price that happen in 1995 at around 79.750 level, we might see further dropping of the price in coming months in 2011.