USD/JPY Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair has now taken out support at 100.68, the 23.6% Fibonacci retracement, exposing the 38.2% retracement at 98.80. The 100.68 level has been recast as near-term resistance, with a reversal above that eyeingthe May 29 highat 102.52.
Daily Chart – Created Using FXCM Marketscope 2.0
— 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