Forex: USD/JPY Technical Analysis – Critical Resistance in Play
USD/JPY Technical Analysis – Prices are testing trend-defining resistance at the top of a large Triangle chart pattern carved out since late February. This barrier is reinforced by the 38.2% Fibonacci retracement at 98.80. A break above that on a daily closing basis would complete the Triangle and open the door bullish trend resumption, initially exposing the 23.6% level at 100.69. Alternatively, reversal below support at 97.28, the 50% Fib, eyes the 61.8% retracement at 95.76.
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