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Forex Analysis: USD/JPY Classic Technical Report 01.16.2013

Forex Analysis: USD/JPY Classic Technical Report 01.16.2013

Ilya Spivak, Head Strategist, APAC

Prices are testing rising channel support set from late December, now at 88.08. A break below that targets the 38.2% Fibonacci retracement at 87.44. Near-term resistance is at 88.56, the 38.2% Fib expansion, with a push above that aiming for the 50% level at 89.09.

Forex_Analysis_USDJPY_Classic_Technical_Report_01.16.2013_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 01.16.2013

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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