USD/JPY (a 4-hour chart of which is shown) as of Thursday (8/26/2010) has made a bullish retracement after hitting a low just above its 83.50 downside support target just two days ago. This occurs within the context of an accelerated bearish trend extending from the early June high. Despite this retracement, the prevailing downtrend is still very much intact at the current time. For more USD/JPY forex technical analysis, please click here.

James Chen, CTA, CMT