Tanalys

USD/JPY Technical Analysis 06.04.2013

USD/JPY Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair has now taken out support at 100.68, the 23.6% Fibonacci retracement, exposing the 38.2% retracement at 98.80. The 100.68 level has been recast as near-term resistance, with a reversal above that eyeingthe May 29 highat 102.52.

Daily Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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