USD/JPY Technical Analysis: 3-Month Support Challenged
USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair is testing support at a rising trend line set from late February at 95.93, with a break below that initially eyeing the June 7 low at 94.97. Near-term trend line resistance is at 98.42. A push above that eyes a larger downward-slowing barrier at 100.09.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.