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USDJPY: Sellers Lose Steam at 78.00 Figure

USDJPY: Sellers Lose Steam at 78.00 Figure

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices bounced from support at 77.95, the 23.6% Fibonacci retracement, to test the 38.2% level at 78.45. A break above that exposes the top of a falling channel set from late June, now at 78.79. Alternatively, a reversal below support targets 77.47. Risk/reward considerations argue against entering a trade at current levels and we will stand aside for now.

USDJPY_Sellers_Lose_Steam_at_78.00_Figure_body_Picture_5.png, USDJPY: Sellers Lose Steam at 78.00 Figure

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

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