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Forex Analysis: USD/JPY Classic Technical Report 01.30.2013

Forex Analysis: USD/JPY Classic Technical Report 01.30.2013

Ilya Spivak, Head Strategist, APAC

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 89.03.

Forex_Analysis_USDJPY_Classic_Technical_Report_01.30.2013_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 01.30.2013

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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