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Forex Analysis: USD/JPY Classic Technical Report 01.24.2013

Forex Analysis: USD/JPY Classic Technical Report 01.24.2013

Ilya Spivak, Head Strategist, APAC

Prices are consolidating above support at 88.22, 23.6% Fibonacci retracement, with a Bearish Engulfing candlestick pattern coupled with negative RSI divergence warning of a downside scenario. A break below support targets the 38.2% level at 86.97. Near-term resistance is at 90.24, the January 21 high.

Forex_Analysis_USDJPY_Classic_Technical_Report_01.24.2013_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 01.24.2013

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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