Price action on USD/JPY, a daily chart of which is shown, has just formed a tight consolidation after having made a strong bearish run in late February. This occurs within the context of a continuing parallel downtrend channel that has been in place since the 2009 high in April. Having just respected the upper resistance border of this downtrend channel on 2/19/2010, price went on to breakdown below a short-term uptrend support line on 2/23/2010. That bearishness followed through to approach strong support around 88.50 before falling into the current consolidation. For more technical analysis on this currency pair,
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