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USD/JPY Technical Analysis 05.14.2013

USD/JPY Technical Analysis 05.14.2013

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices broke above resistance at 101.42, the 76.4% Fibonacci expansion, clearing the way for a move to challenge the 100% level at 103.16. The 101.42 mark has been recast as near-term support, with a reversal back beneath that exposing the 61.8% Fib at 100.34.

Forex_USDJPY_Technical_Analysis_05.14.2013_body_Picture_5.png, USD/JPY Technical Analysis 05.14.2013

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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