Tuesday, April 7, 2009

USD-Yen sees bounce off channel support line

USD JPY 15 mins chart

usd jpy 15 mins 7.4.09

I have marked the parallel channel lines on the 15 mins chart. This is the third time that price has bounced off the lower channel support line. Last time we had the pair take support at the line, saw a decent rally following it, but I do have my doubts this time round.