Price action on USD/JPY, a daily chart of which is shown, has continued to follow a rough uptrend support line extending from the early March low just above 88.00. More recently, after breaking out above a long-term parallel downtrend channel in late March, price shot up to reach a high just below 95.00 in early April. Finally, early last week price launched off the key 92.00 support region, and currently appears to be targeting the 95.00 area once again. For more technical analysis on this currency pair, please click here for Thursday’s (4/29/2010) Chart of the Day.

James Chen, CTA, CMT

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