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USD/JPY Technical Analysis 05.22.2013

Ilya Spivak

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.

Forex_USDJPY_Technical_Analysis_05.22.2013_body_Picture_5.png, USD/JPY Technical Analysis 05.22.2013

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

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