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USD/JPY Technical Analysis 05.28.2013

USD/JPY Technical Analysis 05.28.2013

2013-05-28 07:24:00
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. Prices are staging a mild recovery from support at 100.68, the 23.6% Fibonacci retracement, to retest the 14.6% level at 101.84. A reversal back above that exposes the May 22 high at 103.73. Alternatively, a move below support eyes the 38.2% retracement at 98.80.

Forex_USDJPY_Technical_Analysis_05.28.2013_body_Picture_5.png, USD/JPY Technical Analysis 05.28.2013

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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