To receive Ilya's analysis directly via email, please SIGN UP HERE
USD/JPY Technical Analysis – Prices continue to consolidate within the confines of a large Triangle chart pattern. The pattern is usually indicative of consolidation preceding continuation of the broader trend, which carries implications in this case. Confirmation requires a daily close above the formation’s top, a barrier reinforced by the 38.2% Fibonacci expansion at 98.76. Trend line support is at 96.90, with a reversal below that eyeing the Triangle bottom at 96.61.
Confirm your chart-based trade setups with the Technical Analyzer.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak