Forex Analysis: USD/JPY Classic Technical Report 01.23.2013
Prices are testing support at the bottom of a rising channel set from late December, aiming for the 23.6% Fibonacci retracement at 88.22. A break below that targets the 38.2% level at 86.97. Near-term resistance is at 90.24, the January 21 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. 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.