Forex Analysis: USD/JPY Classic Technical Report 01.03.2013

Prices put in a bearish Dark Cloud Cover candlestick, hinting a correction lower may be ahead. Near-term support is at 86.82, the 23.6% Fibonacci retracement. A break below that aims for the 38.2% level at 86.65. Immediate resistance is at 87.35, the January 2 high.

4-hour Chart - Created Using FXCM Marketscope 2.0

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

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