USD/JPY Technical Analysis- Prices are consolidating below resistance at 93.92, the 38.2% Fibonacci expansion. Negative RSI divergence argues in favor of a downside scenario. Initial support is at 93.17, the 23.6% level, with a break below that exposing a formerly broken rising channel top at 92.34. Alternatively, a turn above resistance aims for the 94.40-53 area.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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