Forex: USD/JPY Technical Analysis – Sideways Trade Above 97.00
USD/JPY Technical Analysis – Prices continue to consolidate in a large Triangle chart pattern carved out since late February. The pair is testing support at 97.28, the 50% Fibonacci retracement, with a break below that eyeing the 61.8% retracement at 95.76. Near-term resistance is at the 38.2% level (98.80). This barrier is reinforced by the Triangle top at 99.11. A break above that initially exposes the 23.6% Fib at 100.69. On balance, the Triangle setup hints at bullish trend continuation.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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