Forex: USD/JPY Technical Analysis – Still Holding Long Position
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- USD/JPY Technical Strategy: Long at 102.82
- Support:102.62 (Feb 11 close, Triangle top)
- Resistance: 103.75-104.14 (Mar 7 high, 38.2% Fib exp.), 105.19 (50% Fib exp.)
The US Dollar broke out higher as expected against the Japanese Yen to complete a bullish Triangle chart formation and we entered long at 102.82.The pair has started to make progress higher, issuing its first daily close above the 103.00 figure in four weeks. We will continue to hold the trade, initially aiming for 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. Near-term support is at 102.62, marked by the intersection of the Triangle top and a horizontal pivot.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com