USD/JPY Technical Analysis: Three-Month Trend Line Holds Up

| 10 juni, 2013 | 0 kommentarer

USD/JPY Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair found interim support in the 95.90-96.70 area, marked by a rising trend line set from late February and the March 12 high. A Hammer candlestick hints a bounce may be ahead. Initial resistance is at 98.32, the 38.2% Fibonacci retracement, with a break above that targeting the 50% level at 99.35.

dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Three-Month Trend Line Holds Up

Daily Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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