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USD/JPY Technical Analysis 04.03.2013

USD/JPY Technical Analysis 04.03.2013

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices broke support in the 93.77-90 area, marked by the 50% Fibonacci retracement and a rising trend line set from early January. Sellers are now testing the 61.8% level at 93.08, with a further push beneath that aiming for the 76.4% Fib at 92.22. The 93.77 level has been recast as near-term resistance.

Forex_USDJPY_Technical_Analysis_04.03.2013_body_Picture_5.png, USD/JPY Technical Analysis 04.03.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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--- 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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