USD/JPY (a 4-hour chart of which is shown) as of Friday (7/23/2010) has formed yet another double-bottom formation, this time in the 86.30 price region. This double-bottom forms in the context of a strong overall downtrend extending from the May high, and after an 87.00-region double bottom formed in early July followed by an 89.15-region double-top towards mid-July. For more USD/JPY technical analysis, please click here.

James Chen, CTA, CMT