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Forex: USD/JPY Technical Analysis – Gains Capped at Trend Line

Forex: USD/JPY Technical Analysis – Gains Capped at Trend Line

2013-10-21 12:10:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • A Bearish Engulfing candle pattern was followed by a break under 98.04 (23.6% Fib)
  • Sellers now target 97.45 (38.2% Fib); below that aims for 96.97 (50% Fib)
  • Reversal above 98.04 targets 98.95 (trend line from June 2013)

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

dailyclassics_usd-jpy_body_Picture_6.png, Forex: USD/JPY Technical Analysis – Gains Capped at Trend Line

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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