USD/JPY Technical Analysis 03.14.2013
USD/JPY Technical Analysis- Prices put in a bearish Evening Star candlestick formation, hinting a move lower is ahead. Initial support lines up at 95.32, the 23.6% Fibonacci retracement. A break below that exposes the 38.2% level at 94.46. Near-term resistance is at 96.70, the March 11 high, with added reinforcement from the 23.6% Fib expansion at 96.81. A push above the latter level eyes the 38.2% expansion at 97.67.
4hr 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.