USD/JPY Technical Analysis 02.15.2013
USD/JPY Technical Analysis- Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. Negative RSI divergence bolsters the case for a downside scenario. Initial support is at 91.92, marked by the 14.6% Fibonacci retracement, with a break below that exposing the 23.6% level at 90.36. Near-term resistance is at 94.45, the February 11 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE