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USD/JPY Technical Analysis: Down Trend from May High at Risk

USD/JPY Technical Analysis: Down Trend from May High at Risk

Ilya Spivak, Head Strategist, APAC

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.

dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Down Trend from May High at Risk

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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