Forex: USD/JPY Technical Analysis – Candle Setup Warns of Losses
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.