USD/JPY Technical Analysis: Downturn Hinted at Trend Line

| 25 juni, 2013 | 0 kommentarer

USD/JPY Technical Analysis– Prices are showing a Harami candlestick pattern below resistance marked by a falling trend line set from late May, hinting a move lower is ahead. Initial support is at 96.34, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 94.89. Alternatively, a push above the trend line (now at 97.23) targets a Fib barrier at 98.70.

dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Downturn Hinted at Trend Line

Daily Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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