Forex Analysis: USD/JPY Classic Technical Report 01.07.2013
Prices are testing the bottom of a rising channel carved out over the past three weeks (87.64). A break lower initially exposes the 23.6% Fibonacci retracement at 87.33. Near-term resistance is at 88.40, the January 4 high, followed by the channel top at 88.80.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.