USD/JPY Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers broke initial support at 101.84, the 14.6% Fibonacci retracement, and are now challenging the 23.6% level at 100.68. A further push below that aims for the 38.2% retracement at 98.80. The 14.6% Fib has been recast as near-term resistance, with a reversal back above that eyeing the May 22 high at 103.73.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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