USD/JPY Technical Analysis– Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair is testing support at a rising trend line set from late February at 95.93, with a break below that initially eyeing the June 7 low at 94.97. Near-term trend line resistance is at 98.42. A push above that eyes a larger downward-slowing barrier at 100.09.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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