USD/JPY Technical Analysis- Prices broke above resistance at 92.34, the 50% Fibonacci expansion, exposing the 61.8% level at 93.33. A push this barrier eyes the 76.4% Fib at 94.60. The 92.34 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_02.05.2013_body_Picture_1.png, USD/JPY Technical Analysis 02.05.2013

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed