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Forex: USD/JPY Technical Analysis – Downturn Signaled Ahead

Forex: USD/JPY Technical Analysis – Downturn Signaled Ahead

2013-09-12 11:30:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Dark Cloud Cover candle pattern, negative RSI divergence warn of downturn ahead
  • Initial support is at 99.47 (rising trend line, 23.6% Fibonacci retracement)
  • Break lower exposes 98.77 (38.2% Fib), near-term resistance at 100.60 (Sep. 11 high)

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Downturn Signaled Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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