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Forex: USD/JPY Technical Analysis – Buyers Take Aim Above 104.00

Forex: USD/JPY Technical Analysis – Buyers Take Aim Above 104.00

2014-04-03 05:18:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Long at 102.82
  • Support:103.75 (Mar 7 high), 103.00, 102. 62 (Triangle top)
  • Resistance: 104.14 (38.2% Fib exp.), 105.19 (50% Fib exp.)

The US Dollar continues to climb as expected against the Japanese Yen after the pair completed a bullish Triangle chart formation. We booked partial profits on a long position from 102.82 after the pair overcome our initial objective at 103.75, the March 7 high, and now look to see how prices respond at 104.14, the 38.2% Fibonacci expansion. A daily close above this barrier exposes the 50% level at 105.19. A turn below 103.75 will aim for the 103.00 figure, followed by a horizontal pivot at 102.62. The stop-loss on the remaining portion of the trade has been trailed to breakeven.

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dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Buyers Take Aim Above 104.00

Daily Chart - Created Using FXCM Marketscope 2.0

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

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