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Forex: USD/JPY Technical Analysis – Long Position Triggered

Forex: USD/JPY Technical Analysis – Long Position Triggered

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A bullish Morning Star candle pattern hints at gains and we’ve entered long
  • Above resistance at 103.85 (23.6% Fib exp.) exposes 104.16 (channel top)
  • Near-term supports are at 102.00 (channel bottom), 101.76 (Jan 27 low)

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

dailyclassics_usd-jpy_body_Picture_10.png, Forex: USD/JPY Technical Analysis – Long Position Triggered

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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USD/JPY
Bullish