USD/JPY Technical Analysis 05.22.2013
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.