U.S. Markets open in 6 hrs 36 mins

USD/JPY Technical Analysis: 3-Month Support Challenged

Ilya Spivak

USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair is testing support at a rising trend line set from late February at 95.93, with a break below that initially eyeing the June 7 low at 94.97. Near-term trend line resistance is at 98.42. A push above that eyes a larger downward-slowing barrier at 100.09.

dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: 3-Month Support Challenged

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

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.