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USD/JPY (a 4-hour chart of which is shown) as of Thursday (7/29/2010) has once again descended to approach the 7-month low in the 86.25 price region that was just established in mid-July and confirmed with a double-bottom low just a week later. This occurs within the context of a strong overall downtrend for the pair. For more USD/JPY technical analysis, please click here.

James Chen, CTA, CMT