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Forex Analysis: USD/JPY Chart Hints at Pullback

Forex Analysis: USD/JPY Chart Hints at Pullback

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices put in Shooting Star candlestick below resistance at 89.09, the 50% Fibonacci expansion, warning a move lower may be ahead. Initial support is at 88.55, marked by the 38.2% Fib, with a break below that targeting the January 4 high at 88.40. Alternatively, a break higher targets the 61.8% Fib at 89.63. We will look for a pullback to yield a long trade setup in line with our long-term view.

Forex_Analysis_USDJPY_Chart_Hints_at_Pullback_body_Picture_1.png, Forex Analysis: USD/JPY Chart Hints at Pullback

4hr 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

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