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Forex: USD/JPY Technical Analysis – Support Below 99.00 in Play

Forex: USD/JPY Technical Analysis – Support Below 99.00 in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices fell as expected after showing a Dark Cloud Cover candle pattern, negative RSI divergence
  • A break below support at 98.77 (38.2% Fib retracement) exposes 98.20 (50% Fib)
  • Reversing above resistance at 99.47 (23.6% Fib) aims for a rising trend line at 100.33

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

dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Support Below 99.00 in Play

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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