USD/JPY Technical Analysis– Prices took out resistance at 100.68, the 61.8% Fibonacci expansion, exposing the 76.4% level at 102.31 as the next upside objective. A push beyond that eyes the May 22 high at 103.73. The 100.68 mark has been recast as near-term support, with a drop back beneath that targeting the 50% expansion at 99.36.
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