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Forex pairs in this Article » USD/JPY
USD/JPY Technical Analysis – Prices continue to consolidate in a large Triangle chart pattern carved out since late February. The pair is attempting to building higher from support at 97.28, the 50% Fibonacci retracement, with the bulls aiming to challenge the 38.2% level at 98.80. A break above that on a daily closing basis would complete the Triangle and open the door bullish trend resumption, initially exposing the 23.6% Fib at 100.69. Alternatively, reversal below support eyes the 61.8% retracement at 95.76.

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dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Triangle Top in FocusDaily Chart - Created Using FXCM Marketscope 2.0

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

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