Price action on USD/JPY (a 4-hour chart of which is shown) as of Monday (1/17/2011) has consolidated into a flag-like retracement consolidation that ultimately should be bullish on an upside breakout of the pattern. After price action hit a high around 83.70 in the first week of 2011, the pair has consolidated and retraced within this flag formation. For more technical analysis on this currency pair, please click here for Monday’s (1/17/2011) Chart of the Day.
James Chen, CTA, CMT
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