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Forex: USD/JPY Technical Analysis – Readying to Reverse Lower?

Forex: USD/JPY Technical Analysis – Readying to Reverse Lower?

2013-12-16 11:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices are testing 103.37 (Dec 3 high); negative RSI diverge warns of reversal
  • Support is at 102.18 (23.6% Fib ret.); below that exposes 101.10 (38.2% Fib ret.)
  • Breaking higher targets 103.91 (Dec 13 high)

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

dailyclassics_usd-jpy_body_Picture_10.png, Forex: USD/JPY Technical Analysis – Readying to Reverse Lower?

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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