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USD/JPY May Be Readying for a Correction

USD/JPY May Be Readying for a Correction

2013-03-15 12:28:00
Ilya Spivak, Head Strategist, APAC
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USD/JPY Technical Strategy: Flat

Prices put in a bearish Evening Star candlestick formation, hinting a move lower is ahead. Initial support lines up at 95.32, the 23.6% Fibonacci retracement. A break below that exposes the 38.2% level at 94.46. Near-term resistance is at 96.70, the March 11 high, with added reinforcement from the 23.6% Fib expansion at 96.81. A push above the latter level eyes the 38.2% expansion at 97.67. We will continue to look for a correction of recent strength to enter long at significantly lower levets.

Forex_Analysis_USDJPY_May_Be_Readying_for_a_Correction_body_Picture_5.png, USD/JPY May Be Readying for a Correction

4hr 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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