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.

I will be holding an FXstreet.com Premium webinar next week on Monday, November 23, 2009 at 16:00 GMT (11:00 AM U.S. Eastern Time) entitled, Honing in on Oscillator Analysis.

Oscillators are often considered by traders to be secondary indicators reserved for confirming momentum
and overbought/oversold conditions during sideways trading ranges. Many traders have not yet taken advantage of the power of oscillator analysis during all market conditions. Discover the ways in which an oscillator can take center-stage as the primary analytical tool for trading in the forex market.

For more information and to pre-register, please click on the following link for more information: http://www.fxstreet.com/live/sessions/session.aspx?id=4a76b1b2-580c-4f48-a9cb-a7356c735f5f" rel="nofollow" target="_blank .

Hello.

Pulling up the AUD/USD, it seems that we're in a potential 3rd wave movement up. If that's the case, watch for the currency pair to continue downward to complete Wave 2. Once it has completed Wave 2, then look for the potential movement back up.

If the pair goes below the line drawn on our chart, then that invalidates this count.

If you haven't read about it yet, be sure you visit www.ProPipper.com for more information on the Currency Cowboy Trade Sheet.

Price action to start the week on AUD/USD, a daily chart of which is shown, has just tentatively broken through to establish a new 15-month high for the pair, but only by a handful of pips thus far. This currency pair continues to operate within the context of a long-term uptrend extending from March. For more technical analysis on this currency pair, please click here for Monday's (11/16/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

The webinar I gave last week entitled, “Combining Candlesticks with Western Technical Analysis," has been recorded and posted for all to view. Please click on the following link to view the recording: http://transcripts.fxstreet.com/2009/11/combining-candlesticks-with-western-technical-analysis.html" rel="nofollow" target="_blank . Thank you!

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

Price action on EUR/USD, a daily chart of which is shown, has corrected back down to an uptrend support line after falling short of re-testing the 14-month high just above 1.50. Until a significant downside breach of this support trendline occurs, this currency pair is still very much in uptrending mode. The key upside level to watch is still in the region of the 1.5060 long-term high, as any significant breakout above this level would confirm a continuation of the uptrend that has been in place since March. For more technical analysis on this currency pair, please click here for Friday's (11/13/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

Just a quick reminder that I will shortly be giving a webinar entitled “Combining Candlesticks with Western Technical Analysis.” It is open to all, and will be held today, November 12, 2009 at 17:00 GMT (12:00 PM U.S. Eastern Time).

Learn how to identify the best combinations of Japanese candlestick patterns and Western technical analysis to find high-probability forex trading opportunities. When used in conjunction with each other, this powerful combination unveils potential entries and exits that are far more reliable than when either element is used alone.

For more information or to register for this free webinar, please click on the following link: http://www.fxstreet.com/live/sessions/session.aspx?id=03d77947-739f-4631-b04e-5d5dacdef86a" rel="nofollow" target="_blank .

Price action on USD/CHF, a daily chart of which is shown, has dropped to within just a few pips shy of the 15-month low (1.0030) that was hit just a couple of weeks ago. This occurs within the context of a clear and continuing accelerated downtrend that has been in place for almost a year now. For more technical analysis on this currency pair, please click here for Wednesday's (11/11/2009) Forex Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

Greetings.

Pulling up the GBP/USD, we're hovering right around a major price point at 1.6841 - which is the 50% Fibo line off the longer term down trend daily chart.

Look for potentially more bullish movement on this currency pair.

If the pair breaks the 1.6841 and moves away from that level, then look for a potential shorter term target price of 1.6871.

For those countries observing holidays today, we hope everyone has a restful day off as market are closed. Pro Pipper Trading also wants to wish everyone in the U.S. a happy Veteran's Day.

Lastly, if you haven't taken a look at the Currency Cowboy Trade Sheet, you're missing out. Visit www.ProPipper.com for more information on how the trade sheet can help your trading.

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

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.