Forex Analysis: USD/JPY Classic Technical Report 01.24.2013
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.
Daily Chart - Created Using FXCM Marketscope 2.0
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