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Forex: USD/JPY Technical Analysis – Stalling Above 98.00 Mark

Forex: USD/JPY Technical Analysis – Stalling Above 98.00 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices rose as expected after showing a Hammer candle at trend line support set from Feb
  • Resistance is now at 98.58 (50% Fib ret.); a break higher initially targets 99.06 (61.8% Fib)
  • A turn back below support at 98.10 (38.2% Fib) exposes 97.51 (23.6% Fib)

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

dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Stalling Above 98.00 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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