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Forex: USD/JPY Technical Analysis – Resistance Above 104.00 Tested

Forex: USD/JPY Technical Analysis – Resistance Above 104.00 Tested

2014-04-04 03:41:00
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 advanced for a fifth consecutive day against the Japanese Yen having launched higher as expected after carving out a Triangle chart pattern. Prices are now testing resistance at 104.14, the 38.2% Fibonacci expansion, with a break above that targeting the 50% level at 105.19. Alternatively, a turn back below the May 7 high at 103.75 (now recast as support) aims for the 103.00 figure, followed by a horizontal pivot at 102.62. We booked partial profits on a long position from 102.82 earlier this week and continue to hold half of the trade with a stop adjusted to the breakeven level.

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dailyclassics_usd-jpy_body_Picture_10.png, Forex: USD/JPY Technical Analysis – Resistance Above 104.00 Tested

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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