Forex: USD/JPY Technical Analysis – Gains Capped at Trend Line

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Talking Points

  • A Bearish Engulfing candle pattern was followed by a break under 98.04 (23.6% Fib)
  • Sellers now target 97.45 (38.2% Fib); below that aims for 96.97 (50% Fib)
  • Reversal above 98.04 targets 98.95 (trend line from June 2013)

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dailyclassics_usd-jpy_body_Picture_6.png, Forex: USD/JPY Technical Analysis – Gains Capped at Trend Line

Daily Chart - Created Using FXCM Marketscope 2.0

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

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