Wednesday, May 29, 2013

USD/JPY Technical Analysis 05.29.2013




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.


Forex_USDJPY_Technical_Analysis_05.29.2013_body_Picture_5.png, USD/JPY Technical Analysis 05.29.2013


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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