USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Prices are staging a mild recovery from support at 100.68, the 23.6% Fibonacci retracement, but overturning bearish implications of overall positioning requires a close above the May 22 high at 103.73. A move below support eyes the 38.2% retracement at 98.80.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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USD/JPY Technical Analysis 05.29.2013
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