USD/JPY Technical Analysis 05.21.2013

DailyFX

USD/JPY Technical Analysis- Prices put in a Bearish Engulfing candlestick pattern below resistance at 103.16, the 100% Fibonacci expansion, hinting a move lower is ahead. Near-term support is at 101.52, the 23.6% Fib retracement, with a break below that exposing the 38.2% level at 100.43. Alternatively, a reversal above 103.16 targets the 123.6% expansion at 104.91.

View photo

.
Forex_USDJPY_Technical_Analysis_05.21.2013_body_Picture_5.png, USD/JPY Technical Analysis 05.21.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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.

Rates

View Comments (0)