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USD/JPY Technical Analysis 02.06.2013

USD/JPY Technical Analysis 02.06.2013

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices are putting back from resistance at 93.92m the 38.2% Fibonacci expansion. Negative RSI divergence argues in favor of a downside scenario. Initial support is at 93.17, the 23.6% level, with a break below that exposing a minor rising channel bottom at 92.72. Alternatively, a turn above resistance aims for the channel top at 94.22

Forex_USDJPY_Technical_Analysis_02.06.2013_body_Picture_1.png, USD/JPY Technical Analysis 02.06.2013

4hr 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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