Chart of the Day – USD/JPY
(Chart courtesy of FX Solutions’ FX AccuCharts. 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.) 7/30/2009 – USD/JPY – Within the context of a significant parallel downtrend channel, price action on USD/JPY, a daily chart of which is shown, has formed a counter-trend support trendline. The parallel downtrend channel extends from the 4/6/2009 major
U.S. Update: Stocks higher, yen down
What happened in Asia After past Wednesday dollar rally, Asian session was mostly corrective for currencies. Supported by comments from China that it isn’t about to tighten monetary, global risk appetite returned to markets. Nikkei 225 closed at 10175 points, above previous year high. Anyway, Euro correction was halted just under 1.4100 as the hegemonic currency remained under pressure since past failure attempt to break above 1.4300. Gbp/Usd rebounded strongly at daily 20 SMA that has been