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