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USD/JPY Correction Sought for Long Entry

USD/JPY Correction Sought for Long Entry

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Strategy: Pending Long

Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. Negative RSI divergence bolsters the case for a downside scenario. Further still, the early outlines of Head and Shoulders top are starting to reveal themselves. Confirmation requires a close below 91.92 the 14.6% Fibonacci retracement, which would initially expose the 23.6% level at 90.36. Near-term resistance is at 94.45, the February 11 high. We will look to a move lower as a buying opportunity in the weeks ahead.

Forex_Analysis_USDJPY_Correction_Sought_for_Long_Entry_body_Picture_5.png, USD/JPY Correction Sought for Long Entry

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

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