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Forex: USD/JPY Technical Analysis – Candle Setup Warns of Losses

Forex: USD/JPY Technical Analysis – Candle Setup Warns of Losses

2013-09-10 11:38:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • The formation of a Bearish Engulfing candlestick pattern hints a move lower is ahead
  • Initial support at 99.17 (23.6% Fib retrace); a break below that targets 98.53 (38.2% level)
  • Near-term resistance at 100.22 (38.2% Fib exp); a turn above that eyeing 100.74 (50% Fib)

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

dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Candle Setup Warns of Losses

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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