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USD/JPY Technical Analysis 02.04.2013

USD/JPY Technical Analysis 02.04.2013

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices broke above resistance at 93.32, the 50% Fibonacci expansion, exposing the 61.8% level at 93.34. A push this barrier eyes the 76.4% Fib at 94.60. The 93.32 level has been recast as near-term support, with a reversal back below that aiming for the 38.2% expansion at 91.33.

Forex_USDJPY_Technical_Analysis_02.04.2013_body_Picture_1.png, USD/JPY Technical Analysis 02.04.2013

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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