USD/JPY Technical Analysis – Prices are consolidating below falling trend line resistance set from late May. Initial support is at 98.56, the 38.2% Fibonacci retracement, with a break below that targeting the 50% mark at 96.74. Alternatively, a push above the trend line (now at 100.60) aims for the 38.2% Fib expansion at 101.19.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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