News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex: USD/JPY Technical Analysis – Triangle Confirmation Pending

Forex: USD/JPY Technical Analysis – Triangle Confirmation Pending

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.40 (Triangle floor)
  • Resistance:102.89 (Triangle top), 103.75-104.14 (Mar 7 high, 38.2% Fib exp.)

The US Dollar launched a recovery against the Japanese Yen as expected after prices produced a bullish Piercing Line candlestick pattern. On the whole, price action appears to be tracing out a Triangle chart pattern and hinting at upside trend continuation. A break above the Triangle top (now at 102.89) exposes the March 7 high at 103.75, followed by the 38.2% Fibonacci expansion at 104.13. Support is seen at the pattern’s bottom, now at 101.40.

Confirmation of the Triangle pattern requires a daily close above the formation’s upper boundary. We will wait for that to materialize to look for a long trade opportunity.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Triangle Confirmation Pending

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES