Thursday, August 19, 2010
8/19/2010 – USD/JPY (a 4-hour chart of which is shown) as of Thursday (8/19/2010) morning has once again reached down to the key 85.00 region lows after dropping today from near 86.00.
This occurs within the context of a strong, accelerated overall downtrend extending from the June high. In the event of a strong breakdown below the 84.70 long-term (15-year) low hit just last week, the 83.50 price region would be a viable technical target as it is a 138.2% Fibonacci extension of the last major bearish run.
In the event of this breakdown, price could then possibly begin approaching the 79.75 all-time low that was established way back in 1995. Dynamic upside resistance on the current bearishness continues to reside around the reliable downtrend resistance line extending back to early June of this year.