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Forex: USD/JPY Technical Analysis – Flat-lined Below 105.00

Forex: USD/JPY Technical Analysis – Flat-lined Below 105.00

2014-01-23 12:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices edged higher after forming a Bullish Engulfing candle pattern
  • Above 104.93 (23.6% Fib exp.) eyes 105.40-66 (Dec30 high, channel bottom)
  • Reversing below 104.14 (14.6% Fib exp.) targets 102.85 (Jan 13 low)

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

dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Flat-lined Below 105.00

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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