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Forex: USD/JPY Technical Analysis – Triangle Top Holds Up

Forex: USD/JPY Technical Analysis – Triangle Top Holds Up

2013-08-27 10:25:00
Ilya Spivak, Head Strategist, APAC
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USD/JPY Technical Analysis – Prices are edging lower as expected after putting in a Spinning Top candlestick below resistance at the top of a large Triangle chart pattern carved out since late February. Near-term support is at 97.28, the 50% Fibonacci retracement. A break below that eyes the 61.8% level at 95.76. Resistance is reinforced by the 38.2% level at 98.80, with a reversal above that targeting the 23.6% retracement at 100.68.

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dailyclassics_usd-jpy_1_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Triangle Top Holds Up

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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