Price action on USD/JPY, a daily chart of which is shown, has recently displayed a clear continuation of the overall downtrend that has been in place since April 2009. This downtrend has manifested itself as a well-formed parallel downtrend channel. After reaching the top of the channel in early January, and then reversing and breaking down below an important intra-channel uptrend support line extending from the late November lows, price stalled just above key support in the 90.50 price region. After breaking down below this support late last week, the pair has continued its bearish stance into this week. For more technical analysis on this currency pair,
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