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Forex: USD/JPY Technical Analysis – Long Position Triggered

Forex: USD/JPY Technical Analysis – Long Position Triggered

2014-03-31 02:36:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Long at 102.82
  • Support:102.62-67 (Feb 11 close, Triangle top), 101.46 (Triangle floor)
  • Resistance: 103.75-104.14 (Mar 7 high, 38.2% Fib exp.), 105.19 (50% Fib exp.)

The US Dollar rose as expected against the Japanese Yen to complete a bullish Triangle chart formation, hinting at renewed upside momentum ahead. We will attempt to enter long from here, initially targeting the March 7 high at 103.75. This barrier is bolstered by the 38.2% Fibonacci expansion at 104.14, with a break above that on a daily closing basis exposing the 50% level at 105.19. A stop-loss has been set to activate on a daily close below 101.83. The Triangle top (now at 102.67) has been recast as near-term support, with added reinforcement from a horizontal pivot at 102.62. A reversal below that aims for the Triangle bottom at 101.46.

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 – Long Position Triggered

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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