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Forex: USD/JPY Technical Analysis – Triangle Still in the Works

Forex: USD/JPY Technical Analysis – Triangle Still in the Works

2014-03-27 03:46:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Pending Long
  • Support: 101.43 (Triangle floor)
  • Resistance:102.62-75 (Feb 11 close, Triangle top), 103.75-104.14 (Mar 7 high, 38.2% Fib exp.)

An expected US Dollar rebound against the Japanese Yen stalled below resistance at 1.0262, a horizontal pivot in play since mid-February. Overall positioning suggests that prices are carving out a Triangle chart formation, a setup typically indicative of trend continuation (which carries upside implications in this case).

We will wait for a daily close above the pattern’s upside boundary (now at 102.75) to position for a long position initially targeting the March 7 high at 103.75, followed by the 38.2% Fibonacci expansion at 104.13. Support at the Triangle floor is now at 101.43.

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dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Triangle Still in the Works

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.

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