Forex: USD/JPY Technical Analysis – Buyers Take Aim Above 104.00
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- 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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com