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USD/JPY Technical Analysis 04.12.2013

USD/JPY Technical Analysis 04.12.2013

Ilya Spivak, Head Strategist, APAC

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.

Forex_USDJPY_Technical_Analysis_04.12.2013_body_Picture_5.png, USD/JPY Technical Analysis 04.12.2013

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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