USD/JPY Technical Analysis– Prices recoiled from resistance below the 100.00 figure break below support at 97.79, the 23.6% Fibonacci retracement. Sellers now target the 38.2% level at 96.46, with a further decline beneath that eyeing the 50% Fib at 95.39. The 97.79 mark has been recast as near-term resistance. A reversal back above that on a daily closing basis aims for the 100.00 anew.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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