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USD/JPY Technical Analysis: Downward Reversal Ahead?

By , Currency Strategist
04 July 2013 06:35 GMT

USD/JPY Technical Analysis- Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 100.68, the 61.8% Fibonacci expansion, hinting a reversal lower maybe ahead. Near-term support is at 99.36, the 50% level, with a break below that targeting the 38.2% Fib at 98.04. Alternatively, a move above resistance eyes the 76.4% expansion at 102.31.

dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Downward Reversal Ahead?

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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04 July 2013 06:35 GMT