USD/JPY - Key Uptrend Support Approached

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USD/JPY - Key Uptrend Support Approached

By James Chen on April 21, 2009 | More Posts By James Chen | Author's Website

Price action on USD/JPY, a daily chart of which is shown, has re-approached a critical uptrend support line extending from the double-bottom low around 87.00 back in January. As of Tuesday (4/21/2009) morning, price has reacted to this dynamic level by stalling just above it. This uptrend support approach comes after a significant bearish retracement in the last couple of weeks following the swing high to 101.43.

The pair is currently at a critical juncture. Any substantial breakdown below uptrend support should target further static support around the 96.00 region.

Conversely, a clear bounce up off the current uptrend line, which would be strongly confirmed with a breakout above the short-term bearish resistance line, should easily target 100.00 and potentially a retest of the 101.43 uptrend high.

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