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Forex: USD/JPY Technical Analysis – Rally Falters at Fib Barrier

Forex: USD/JPY Technical Analysis – Rally Falters at Fib Barrier

2013-08-16 10:00:00
Ilya Spivak, Head Strategist, APAC
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USD/JPY Technical Analysis – A rally following the formation of a Bullish Engulfing candlestick pattern faltered below resistance at 98.78, the 38.2% Fibonacci expansion. Prices have slipped below the 23.6% level at 97.63 to test the 14.6% level at 96.93. A push below that eyes the August 8 low at 95.80 and a rising trend line at 95.36.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Rally Falters at Fib Barrier

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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