Forex: USD/JPY Technical Analysis – 97.00 Held as Support

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Talking Points

  • Prices rose as expected after showing a Hammer candle, breaking 97.51 (23.6% Fib)
  • A break of resistance at 97.87 (38.2% Fib, channel top) would expose 98.15 (50% Fib)
  • Back below 97.51 sees support at 96.88 (trend line from Feb’13)

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dailyclassics_usd-jpy_body_Picture_9.png, Forex: USD/JPY Technical Analysis – 97.00 Held as Support

Daily Chart - Created Using FXCM Marketscope 2.0

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

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