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USDJPY: Prices May Rise from Trend Support

USDJPY: Prices May Rise from Trend Support

2011-02-23 04:39:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Long

USDJPY put in a Bearish Engulfing candlestick pattern below the 84.00 figure and pushed lower, with prices now testing support at the 50% Fibonacci retracement of the 2/4-2/16 upswing (82.55). The barrier is reinforced by a falling trend line connecting recent lows, hinting this are may prove to be a reasonable place for a rebound. With that said, an actionable trade setup remains elusive and we will stay on the sidelines for now. Initial resistance lines up at 82.89, the 38.2% Fib.

USDJPY_Prices_May_Rise_From_Trend_Support_body_02232011_JPY.png, USDJPY: Prices May Rise from Trend Support

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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