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USD/JPY Technical Analysis 05.27.2013

USD/JPY Technical Analysis 05.27.2013

2013-05-27 07:32:00
Ilya Spivak, Head Strategist, APAC
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USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers broke initial support at 101.84, the 14.6% Fibonacci retracement, and are now challenging the 23.6% level at 100.68. A further push below that aims for the 38.2% retracement at 98.80. The 14.6% Fib has been recast as near-term resistance, with a reversal back above that eyeing the May 22 high at 103.73.

Forex_USDJPY_Technical_Analysis_05.27.2013_body_Picture_5.png, USD/JPY Technical Analysis 05.27.2013

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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