USD/JPY Technical Analysis 04.18.2013

Ilya Spivak
April 18, 2013

USD/JPY Technical Analysis- Prices turned lower as expected after putting in a Harami candlestick pattern. Prices have now recovered above the 23.6% Fibonacci retracement at 97.79, exposing the 14.6% level at 98.61. A further push above that targets the April 11 swing high at 99.94. The 97.79 level has been recast as support, with a reversal back beneath that aiming for the 38.2% retracement at 96.46.

Forex_USDJPY_Technical_Analysis_04.18.2013_body_Picture_5.png, USD/JPY Technical Analysis 04.18.2013
Forex_USDJPY_Technical_Analysis_04.18.2013_body_Picture_5.png, USD/JPY Technical Analysis 04.18.2013

Daily Chart - Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download the historical data here.

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.