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
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.