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USD/JPY Technical Analysis 05.23.2013

Ilya Spivak

USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are testing below initial support at 101.84, the 14.6% Fibonacci retracement, to challenge the 23.6% level at 100.68. A break below that aims for the 38.2% level at 98.80. Near-term resistance is at 103.73, the May 22 high.

Forex_USDJPY_Technical_Analysis_05.23.2013_body_Picture_5.png, USD/JPY Technical Analysis 05.23.2013

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

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