Forex: USD/JPY Technical Analysis – Stuck in Digestion Mode
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Talking Points:
USD/JPY Technical Strategy: Flat
Support: 101.75 (trend line) 101.39 (Feb 17 low), 100.75 (Feb 4 low)
Resistance: 102.84 (23.6% Fib exp.), 104.14 (38.2% Fib exp.)
The US Dollar consolidating in a narrowing range against the Japanese Yen after prices set a swing low just below the 101.00 figure. A daily close above resistance at 102.84, the 23.6% Fibonacci expansion, targets the 38.2% level at 104.14. Rising trend line support is at 101.75, followed by the February 17 low at 101.38 and the February 4 bottom at 100.75.
Positioning may be in the process of producing an Ascending Triangle chart pattern, a setup indicative of bullish trend continuation, but confirmation is required on a close above 102.84 to make the formation actionable. We will continue to stand aside for now.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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