USD/JPY Technical Analysis: Three-Month Trend Line Holds Up

DailyFX

USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair found interim support in the 95.90-96.70 area, marked by a rising trend line set from late February and the March 12 high. A Hammer candlestick hints a bounce may be ahead. Initial resistance is at 98.32, the 38.2% Fibonacci retracement, with a break above that targeting the 50% level at 99.35.

View photo

.
dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Three-Month Trend Line Holds Up

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

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.

Rates

View Comments (0)