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USD/JPY Chart Warns of Correction Ahead

USD/JPY Chart Warns of Correction Ahead

2013-05-24 10:52:00
Ilya Spivak, Head Strategist, APAC
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USD/JPY Technical Strategy: Flat

Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are testing below initial support at 101.84, the 14.6% Fibonacci retracement, to challenge the 23.6% level at 100.68. A break below that aims for the 38.2% level at 98.80. Near-term resistance is at 103.73, the May 22 high. We will look for a correction lower to yield a long trade opportunity.

Forex_Strategy_USDJPY_Chart_Warns_of_Correction_Ahead_body_Picture_5.png, USD/JPY Chart Warns of Correction 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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