USD/JPY Technical Analysis- Prices broke resistance at 98.42, the 100% Fibonacci extension, exposing the 123.6% level at 99.80. A further push above that eyes the 138.2% level at 100.65. The 98.42 level has been recast as near-term support, with a reversal back beneath that eyeing the 76.4% Fib at 97.03. Negative RSI divergence and the Harami candlestick pattern appear to hint in favor of a downside scenario.
Daily Chart - Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
--- 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