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Forex: USD/JPY Technical Analysis – Candles Hint at Double Top

Forex: USD/JPY Technical Analysis – Candles Hint at Double Top

2013-12-11 10:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices put in a Bearish Engulfing candle pattern, hinting at a Double Top taking shape
  • Near-term support is at 101.77 (23.6% Fib); below that eyes 100.78 (38.2% Fib)
  • Negative RSI divergence bolsters the case for a downside scenario

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

dailyclassics_usd-jpy_body_Picture_10.png, Forex: USD/JPY Technical Analysis – Candles Hint at Double Top

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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