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Forex Analysis: USD/JPY Classic Technical Report 01.03.2013

Forex Analysis: USD/JPY Classic Technical Report 01.03.2013

Ilya Spivak, Head Strategist, APAC

Prices put in a bearish Dark Cloud Cover candlestick, hinting a correction lower may be ahead. Near-term support is at 86.82, the 23.6% Fibonacci retracement. A break below that aims for the 38.2% level at 86.65. Immediate resistance is at 87.35, the January 2 high.

Forex_Analysis_USDJPY_Classic_Technical_Report_01.03.2013_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 01.03.2013

4-hour 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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