USD/JPY Technical Analysis 05.30.2013
USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair is now testing below support at 100.68, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% retracement at 98.80. Near-term resistance is at 102.52,the May 29 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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.