Forex: USD/JPY Technical Analysis – Uptrend Back in Play?

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Talking Points

  • A Bullish Engulfing candle pattern above trend line support hints at a rebound
  • Near-term resistance is at 99.59 (38.2% Fib); break higher targets 100.15 (50% Fib)
  • Support is at 98.89 (23.6% Fib); a reversal beneath that eyes the trend line at 97.89

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dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Uptrend Back in Play?

Daily Chart - Created Using FXCM Marketscope 2.0

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

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