USD/JPY Technical Analysis: Downward Reversal Ahead?
USD/JPY Technical Analysis- Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 100.68, the 61.8% Fibonacci expansion, hinting a reversal lower maybe ahead. Near-term support is at 99.36, the 50% level, with a break below that targeting the 38.2% Fib at 98.04. Alternatively, a move above resistance eyes the 76.4% expansion at 102.31.
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.