USD/JPY – Consolidation within Downtrend
Price action on USD/JPY (a 4-hour chart of which is shown) as of Tuesday (7/20/2010) morning, has formed a flag-like retracement/consolidation formation within a strong downtrend. This potentially bearish retracement/consolidation pattern occurs right around the key 87.00 support/resistance region. For more technical analysis on this currency pair, please click here for Tuesday’s (7/20/2010) Chart of the Day.
James Chen, CTA, CMT
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