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Forex: USD/JPY Technical Analysis – A Double Top in Place?

Forex: USD/JPY Technical Analysis – A Double Top in Place?

2013-12-18 09:11:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points

  • Negative RSI divergence, Rising Wedge pattern warn of a reversal lower
  • Breaking below 102.48 (Wedge bottom) exposes 102.18 (23.6% Fib ret.)
  • Resistance is in the 103.62-73 area (Wedge top, May 22 swing high)

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

dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – A Double Top in Place?

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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