USD/JPY Technical Analysis: Down Trend from May High at Risk
USD/JPY Technical Analysis- Prices advanced as expected after putting in a bullish Morning Star candlestick pattern. Buyers are now testing key resistance at a falling trend line set from the late May swing high, a barrier reinforced by the 38.2% Fibonacci expansion at 96.70. A break above that exposes the 50% Fib at 100.22. Near-term support is in the 96.70-82 area, marked by the March 12 high and the 23.6% Fib.
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.