USD/JPY Technical Analysis– Prices turned lower as expected after putting in a Harami candlestick pattern. Prices have now recovered above the 23.6% Fibonacci retracement at 97.79, exposing the 14.6% level at 98.61. A further push above that targets the April 11 swing high at 99.94. The 97.79 level has been recast as support, with a reversal back beneath that aiming for the 38.2% retracement at 96.46.
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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