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USD/JPY Technical Analysis 02.07.2013

USD/JPY Technical Analysis 02.07.2013

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices are consolidating below resistance at 93.92, 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 formerly broken rising channel top at 92.34. Alternatively, a turn above resistance aims for the 94.40-53 area.

Forex_USDJPY_Technical_Analysis_02.07.2013_body_Picture_1.png, USD/JPY Technical Analysis 02.07.2013

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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