Forex: USD/JPY Technical Analysis – Triangle Bottom Targeted

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USD/JPY Technical Analysis – Prices declined as expected after putting in a Spinning Top candlestick below resistance at the top of a large Triangle chart pattern carved out since late February, taking out near-term support at the 50% Fibonacci retracement (97.28). Sellers now aim to challenge the 61.8% level at 95.76, a barrier reinforced by the Triangle bottom. A reversal back above 97.28 eyes the Triangle top at 98.68.

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dailyclassics_usd-jpy_1_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Triangle Bottom Targeted

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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