Forex: USD/JPY Technical Analysis – Gains Capped at 99.00 Mark

DailyFX

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points

  • Prices have failed to build higher after the appearance of a Bullish Engulfing candle pattern
  • Near-term support is in the 98.00-18 area (trend line, 50% Fib); below that targets 97.19 (61.8% Fib)
  • A turn above resistance at 98.99 (23.6% Fib) aims for 100.60 (Sep 11 high)

Confirm your chart-based trade setups with the Technical Analyzer.

View photo

.
dailyclassics_usd-jpy_1_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Gains Capped at 99.00 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

New to FX? Watch this Video

For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments