USDJPY: Bears Press On Toward 77.00 Level

DailyFX

Strategy: Flat

Prices are approaching support at 77.47, the September 13 close, after taking out 77.96. A break below this boundary targets the bottom of an Andrew’s Pitchfork channel, now at 76.81. The 77.96 level has been recast as resistance, with a push back above that exposing the Pitchfork top now at 78.88. An actionable trade setup is absent for now and we will stand aside until something concrete presents itself.

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USDJPY_Bears_Press_On_Toward_77.00_Level_body_Picture_5.png, USDJPY: Bears Press On Toward 77.00 Level

Daily Chart - Created Using FXCM Marketscope 2.0

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

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