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USD/JPY May Be Carving Out a Double Top

Ilya Spivak

USD/JPY Technical Strategy: Flat

Prices are trading water below resistance at 99.47, the 50% Fibonacci expansion. This barrier is reinforced by the psychologically significant 100.00 barrier. A break above that targets the 61.8% level at 100.34. Near-term support is at 98.20, the 23.6% Fib retracement, with a move below that eyeing the 38.2% mark at 97.12. We continue to look for a significant correction to enter long at lower levels.

Forex_Analysis_USDJPY_May_Be_Carving_Out_a_Double_Top_body_Picture_5.png, USD/JPY May Be Carving Out a Double Top

Daily Chart - Created Using FXCM Marketscope 2.0

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

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