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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.
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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
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