USD/JPY Technical Analysis 02.14.2013

DailyFX

USD/JPY Technical Analysis- Prices put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. Negative RSI divergence bolsters the case for a downside scenario. Initial support is at 91.92, marked by the 14.6% Fibonacci retracement, with a break below that exposing the 23.6% level at 90.36. Near-term resistance is at 94.45, the February 11 high.

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Forex_USDJPY_Technical_Analysis_02.14.2013_body_Picture_5.png, USD/JPY Technical Analysis 02.14.2013

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

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