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USDJPY: Trend Line Support Remains in Play

USDJPY: Trend Line Support Remains in Play

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices are testing support at a rising trend line set from late July low, now at 78.46. A break below that exposes 77.96. Initial resistance lines up at 78.69, the 23.6% Fibonacci expansion. A push above that targets the 38.2% Fib at 78.94. Risk/reward considerations argue against entering a trade at current levels and we will stand side for now.

USDJPY_Trend_Line_Support_Remains_in_Play_body_Picture_5.png, USDJPY: Trend Line Support Remains in Play

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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