USD/JPY Technical Analysis– Prices are pulling back from resistance near the 100.00 figure to approach support at 98.20, the 23.6% Fibonacci retracement. A break below that aims for the 38.2% level at 97.12. Alternatively, a move above 100.00 exposes Fib expansion objectives at 100.34 and 101.42.
Daily Chart – Created Using FXCM Marketscope 2.0
Want to back-test your technical trading strategy? Download the historical data here.
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed