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USD/JPY Rally Continues, Prices Testing 95.00

USD/JPY Rally Continues, Prices Testing 95.00

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Strategy: Flat

Prices are testing above resistance at 94.96, a barrier marked by the 23.6% Fibonacci expansion and a formerly broken rising trend line. A break above that targets the 38.2% level at 97.52. Near-term support is at 90.84, the February 25 low. Current positioning does not offer an actionable trade setup and we will stand aside for now.

Forex_Analysis_USDJPY_Rally_Continues_Prices_Testing_95.00_body_Picture_5.png, USD/JPY Rally Continues, Prices Testing 95.00

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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