Open an Account Practice Account Account Funding Account Type Login Information
GTS Platforms Forex Spot Metal Automated Execution
Why Trade Forex Why FX SolutionsEducation Center Charting Fundamental Analysis Economic Calendar Forex Glossary FAQs
Company Profile Management Team Investors Company News Policy Statements
White Label Partnerships Introducing Brokers Institutional Trading Solutions Company Profile
Contact Us Account Forms NFA Announcements Consultants Live Chat TechNotes

Chart of the Day

More Articles >

USD/JPY Daily Chart — October 1, 2009

By James Chen , Published: 10/1/2009
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

10/01/2009 – USD/JPY – Price action on USD/JPY, a daily chart of which is shown, continues in its bearishness despite having earlier in the week bounced up off a new 8-month low around 88.20 with a clear hammer candle. This hammer candle descended all the way down to the bottom border of a rough parallel downtrend channel (it is rough because there was a false break to the upside in early August), before making a bounce. Currently, price continues to lean towards a bearish bias. Within the current prevailing downtrend, the general 92.00 price region serves as strong resistance, and any breakdown below 88.20, the noted downtrend low, should quickly target major long-term support in the 87.00 price region.

To download the latest version of FX AccuCharts
please click here: Download FX AccuCharts
 
James Chen, CMT
Chief Technical Strategist,
FX Solutions

*IMPORTANT NOTICE: The information contained herein is solely for informational purposes and should not be construed as trading advice. FX Solutions ("FXS") believes that the information contained herein is accurate however, FXS cannot guarantee the accuracy of said materials. Under no circumstances shall FXS have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance in connection with the collection, compilation, analysis, interpretation, editing, transcription, transmission, communication, publication or delivery of such information, or (b) any direct, indirect, compensatory or incidental damages whatsoever (including without limitation, lost profits) resulting from the use of or inability to use any such information. The charts and other opinions constituting the information contained herein are, and must be construed solely as statements of opinion and not statements of fact, recommendations and/or trading advice. FXS cautions that no single source of information should be used when making trading decisions. Click here for more information.