Forex: USD/JPY Technical Analysis – Channel Top Caps Breakout

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Talking Points

  • Prices completed abullish Triangle chart pattern, hinting the long-term uptrend is set to resume
  • A break of resistance in the 99.62-67 area (channel top, 50% Fib) would expose 110.58 (61.8% Fib)
  • Near-term support is now at 98.76 (38.2% Fib expansion), followed by the Triangle top at 98.33

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dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Channel Top Caps Breakout

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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