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USD/JPY Technical Analysis 04.29.2013

USD/JPY Technical Analysis 04.29.2013

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices recoiled from resistance below the 100.00 figure to test support at 97.79, the 23.6% Fibonacci retracement. A break below this barrier initially exposes the 38.2% level at 96.46. Near-term resistance is at 98.60, the 38.2% Fib expansion, with a push above that eyeing the 50% mark at 99.47.

Forex_USDJPY_Technical_Analysis_04.29.2013_body_Picture_5.png, USD/JPY Technical Analysis 04.29.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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