USD/JPY Daily

By FX SolutionsFeb 21, 2008 07:00PM ET

www.investing.com/analysis/technical/usd-jpy-daily-4694

USD/JPY Daily

By FX Solutions | Feb 21, 2008 07:00PM ET

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USD/JPY – Today’s Chart of the Day is all about inverted flags. Within the larger downtrend channel on the USD/JPY daily chart, as shown, recent bear runs have been marked by several inverted flag retracement formations. These patterns are represented on the chart by the yellow upside-down flags. Flags are very common technical occurrences on currency charts, and are most often considered continuation formations. That is, from a purely technical perspective, they often indicate an impending continuation of the previous trend upon breakout/breakdown of the flag. As shown on the accompanying chart, the last two downswings within the overall downtrend channel have been characterized by rather clear inverted flag patterns which have resulted in continuations to the downside. Currently, the pair is displaying yet another flag-type formation (represented on the chart by the dotted yellow lines) which has yet to break as of this writing. It is also of interest to note that in this most recent upside retracement, price stalled at the key 38.2% Fibonacci retracement level (the high-to-low retracement span being measured from the swing high on 12/27/2007 to the low point of the current flag reached on 1/23/2008). If a breakdown of the current flag indeed occurs, the next major support to the downside resides around the last low at approximately 105.00, and then further down at the bottom support line of the current downtrend channel.

James Chen
Chief Technical Analyst, FX Solutions

Disclaimer: IMPORTANT NOTICE: These comments are for information purposes only. Past results are not necessarily indicative of future results. Trading Futures, Options on Futures, and Foreign Exchange involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. The information contained on this email does not constitute a solicitation to buy or sell by FX Solutions,LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. FX Solutions, LLC believes that customers should be aware of the risks associated with over-the-counter, spot Forex. Forex trading is highly speculative in nature which can mean currency prices may become extremely volatile. Forex trading is highly leveraged, since low margin deposits normally are required, an extremely high degree of leverage is obtainable in foreign exchange trading. A relatively small market movement will have a proportionately larger impact on the funds you have deposited. You may sustain a total loss of your funds. Since the possibility of losing your entire cash balance does exist, speculation in the Forex market should only be conducted with risk capital you can afford to lose which will not dramatically impact your lifestyle.

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In this PDF you will find the latest technical analysis published by Forex Trends

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USD/JPY Daily

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