USD/JPY Technical Analysis – Prices continue to consolidate in a large Triangle chart pattern carved out since late February. The pair is edging higher from support at 97.28, the 50% Fibonacci retracement, eyeing resistance at the 38.2% level (98.80). This barrier is reinforced by the Triangle top at 99.25. A break above that initially exposes the 23.6% Fib at 100.69. Alternatively, a reversal below support eyes the 61.8% retracement at 95.76. On balance, the Triangle setup hints at bullish trend continuation.
Confirm your chart-based trade setups with the Technical Analyzer.
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