USD/JPY Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair is now testing below support at 100.68, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% retracement at 98.80. Near-term resistance is at 102.52,the May 29 high.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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