USD/JPY Technical Analysis– Prices broke support in the 93.77-90 area, marked by the 50% Fibonacci retracement and a rising trend line set from early January. Sellers are now testing the 61.8% level at 93.08, with a further push beneath that aiming for the 76.4% Fib at 92.22. The 93.77 level has been recast as near-term resistance.
Daily Chart – Created Using FXCM Marketscope 2.0
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— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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