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Forex: USD/JPY Technical Analysis – 105.00 Held as Resistance

By , Currency Strategist
17 January 2014 08:25 GMT

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Talking Points

  • Prices put in a Bullish Engulfing candle pattern, hinting at gains ahead
  • Breaking above 104.93 (23.6% Fib exp., channel bottom) eyes 106.23 (38.2% Fib exp.)
  • Near-term support is at 102.85, the January 13 swing low

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-jpy_body_Picture_10.png, Forex: USD/JPY Technical Analysis – 105.00 Held as Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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17 January 2014 08:25 GMT