Forex Signals

Price action on USD/JPY, a daily chart of which is shown, has been in a trading range consolidation for around two weeks now. This consolidation has taken the form of a symmetrical triangle or pennant type of formation, which is essentially a converging consolidation, and occurs within the context of an overall long-term downtrend. For more technical analysis on this currency pair, please click here for Tuesday’s (3/23/2010) Chart of the Day.

- James Chen, CTA, CMT

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