USD/JPY Technical Analysis– Prices broke initial support at 99.17, the 23.6% Fibonacci expansion, exposing the 38.2% level at 97.72. A further push beneath that aims for the 50% Fib at 96.55. The 99.17 mark has been recast as near-term resistance, with a reversal back above that eyeing the 100.00 figure and the July 8 high at 101.52.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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