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Forex: USD/JPY Technical Analysis – Looking for Triangle Break

Forex: USD/JPY Technical Analysis – Looking for Triangle Break

2013-08-29 11:14:00
Ilya Spivak, Head Strategist, APAC
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USD/JPY Technical Analysis – Prices continue to consolidate within the confines of a large Triangle chart pattern. The pattern is usually indicative of consolidation preceding continuation of the broader trend, which carries implications in this case. Confirmation requires a daily close above the formation’s top, a barrier reinforced by the 38.2% Fibonacci expansion at 98.76. Trend line support is at 96.90, with a reversal below that eyeing the Triangle bottom at 96.61.

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

dailyclassics_usd-jpy_1_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Looking for Triangle Break

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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