November 19, 2009 11:42 AM
EUR/JPY - Near Bottom of Large Triangle
By jchen
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Price action on EUR/JPY, a daily chart of which is shown, is displaying dramatic yen strengthening today on stock market declines that is also abundantly clear on other major yen pairs/crosses like USD/JPY and GBP/JPY. In the case of EUR/JPY, price has descended all the way down to approach a dynamically-ascending support line extending from the April low. For more technical analysis on this currency pair, please click here for Thursday's (11/19/2009) Chart of the Day.
- James Chen, CTA, CMT
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX" rel="nofollow" target="_blank
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