Forex Analysis: USD/JPY Classic Technical Report 01.29.2013
Prices are pulling back from resistance at 91.33, a level marked by a rising channel top and the 38.2% Fibonacci expansion. Negative RSI divergence warns of ebbing bullish momentum and hints a reversal lower is ahead. Near-term support is at 90.06, the 23.6% Fib, with a break below that aiming for the channel bottom at 88.90.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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