USD/JPY Technical Analysis 04.01.2013

DailyFX

USD/JPY Technical Analysis- Prices are testing below support in the 93.77-90 area, marked by the 50% Fibonacci retracement and a rising trend line set from early January. A break downward initially targets the 61.8% level at 93.08. Near-term resistance is at 94.46, the 38.2% Fib, with a reversal back above that aiming for the 23.6% retracement at 95.32.

View photo

.
Forex_USDJPY_Technical_Analysis_04.01.2013_body_Picture_5.png, USD/JPY Technical Analysis 04.01.2013

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.

View Comments (0)