November 10, 2009 11:07 AM
USD/JPY - Triangle Consolidation within Downtrend
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Price action on USD/JPY, a daily chart of which is shown, is currently on the verge of a bearish breakdown below a newly-formed symmetrical triangle consolidation pattern. This occurs in an overall environment of USD/JPY bearishness within the context of a general downtrend that has been in place since April. Within this downtrend, price has broken down below several bullish corrections and pattern consolidations, as shown on the chart. For more technical analysis on this currency pair, please click here for Tuesday's (11/10/2009) Chart of the Day.
- James Chen, CTA, CMT
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