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Forex: USD/JPY Technical Analysis – Channel Resistance Broken

Forex: USD/JPY Technical Analysis – Channel Resistance Broken

2013-10-30 01:20:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points

  • Prices rose as expected after showing a Hammer candle, breaking 97.87 (38.2% Fib, channel top)
  • Bulls are now testing 98.15 (50% Fib); a break above that targets 98.44 (61.8% Fib)
  • Back below 97.87 aims for the 23.6% Fib expansion level at 97.51

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

dailyclassics_usd-jpy_body_Picture_12.png, Forex: USD/JPY Technical Analysis – Channel Resistance Broken

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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