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USD/JPY Technical Analysis 05.31.2013

USD/JPY Technical Analysis 05.31.2013

Ilya Spivak, Head Strategist, APAC

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.

Forex_USDJPY_Technical_Analysis_05.31.2013_body_Picture_5.png, USD/JPY Technical Analysis 05.31.2013

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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