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USD/JPY Technical Analysis 05.21.2013

USD/JPY Technical Analysis 05.21.2013

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices put in a Bearish Engulfing candlestick pattern below resistance at 103.16, the 100% Fibonacci expansion, hinting a move lower is ahead. Near-term support is at 101.52, the 23.6% Fib retracement, with a break below that exposing the 38.2% level at 100.43. Alternatively, a reversal above 103.16 targets the 123.6% expansion at 104.91.

Forex_USDJPY_Technical_Analysis_05.21.2013_body_Picture_5.png, USD/JPY Technical Analysis 05.21.2013

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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