USDJPY: Bears Press On Toward 77.00 Level


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.

View photo

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

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to

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 (0)