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EUR/JPY (a 4-hour chart of which is shown) as of Wednesday (8/18/2010) has formed a descending triangle consolidation just above 109.00 after having broken down cleanly below a parallel uptrend channel extending from the June low just last week. This all occurs within the context of a longer-term downtrend extending from the October 2009 high. For more EUR/JPY forex technical analysis, please click here.

James Chen, CTA, CMT