USD/JPY Technical Analysis – Prices are pushing higher after putting in a Bullish Engulfing candlestick pattern. A break above resistance at 97.63, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 98.76. A further push higher targets a falling trend line set from late May, now at 99.31. The 97.63 level has been recast as near-term support, with a move back below eyeing the August 8 lowat 95.80.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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