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USD/JPY Technical Analysis 02.08.2013

USD/JPY Technical Analysis 02.08.2013

Ilya Spivak, Head Strategist, APAC

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.

Forex_USDJPY_Technical_Analysis_02.08.2013_body_Picture_1.png, USD/JPY Technical Analysis 02.08.2013

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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