USD/JPY Technical Analysis 02.08.2013
USD/JPY Technical Analysis- Prices turned lower as expected, breaking rising trend line support to test the 23.6% Fibonacci retracement at 92.64. This barrier is reinforced by the rising channel resistance-turned-support at 92.50. A push below the latter level targets the 38.2% Fib at 91.76. Near-term term resistance is at 93.18, the 14.6% retracement.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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