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USD/JPY Technical Analysis: Support Found Sub-94.00

USD/JPY Technical Analysis: Support Found Sub-94.00

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair is now showing an Inverted Hammer candle above support at 93.88, the 76.4%Fibonacci retracement, hinting a bounce may be ahead. Initial resistance is at 95.76, the 61.8% level, with a break back above that eyeing trend line support-turned-resistance at 96.21.Alternatively, a reversal beneath support exposes swing lows at 92.56 and 90.84.

dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Support Found Sub-94.00

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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