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Forex Analysis: USD/JPY Classic Technical Report 01.09.2013

Forex Analysis: USD/JPY Classic Technical Report 01.09.2013

Ilya Spivak, Head Strategist, APAC

Prices put in a bearish Three Inside Down candlestick pattern, hinting a move lower is ahead. A break below 14.6% Fibonacci retracement support at 87.04 exposes the 23.6% level at 86.20. Near-term resistance is at 88.40, the January 4 high.

Forex_Analysis_USDJPY_Classic_Technical_Report_01.09.2013_body_Picture_5.png, Forex Analysis: USD/JPY Classic Technical Report 01.09.2013

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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