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Forex: USD/JPY Technical Analysis – Triangle Confirmation Pending

By , Currency Strategist
24 March 2014 03:08 GMT

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.40 (Triangle floor)
  • Resistance:102.89 (Triangle top), 103.75-104.14 (Mar 7 high, 38.2% Fib exp.)

The US Dollar launched a recovery against the Japanese Yen as expected after prices produced a bullish Piercing Line candlestick pattern. On the whole, price action appears to be tracing out a Triangle chart pattern and hinting at upside trend continuation. A break above the Triangle top (now at 102.89) exposes the March 7 high at 103.75, followed by the 38.2% Fibonacci expansion at 104.13. Support is seen at the pattern’s bottom, now at 101.40.

Confirmation of the Triangle pattern requires a daily close above the formation’s upper boundary. We will wait for that to materialize to look for a long trade opportunity.

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dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Triangle Confirmation Pending

Daily Chart - Created Using FXCM Marketscope 2.0

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

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24 March 2014 03:08 GMT