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USD/JPY Technical Analysis – Bears Aiming Below 102.00

USD/JPY Technical Analysis – Bears Aiming Below 102.00

2013-12-12 10:30:00
Ilya Spivak, Sr. Currency Strategist
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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, USD/JPY Technical Analysis – Bears Aiming Below 102.00

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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