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Forex: USD/JPY Technical Analysis – Gains Capped at 99.00 Mark

Forex: USD/JPY Technical Analysis – Gains Capped at 99.00 Mark

2013-09-27 13:13:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices have failed to build higher after the appearance of a Bullish Engulfing candle pattern
  • Near-term support is in the 98.00-18 area (trend line, 50% Fib); below that targets 97.19 (61.8% Fib)
  • A turn above resistance at 98.99 (23.6% Fib) aims for 100.60 (Sep 11 high)

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

dailyclassics_usd-jpy_1_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Gains Capped at 99.00 Mark

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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