USD/JPY Technical Analysis– Prices found support at 98.56, the 38.2% Fibonacci retracement, after breaking rising trend line support defining the rising trend from the mid-June swing bottom. Near-term resistance is at 99.69, the 23.6% level, with a break above that exposing the July 8 high at 101.52. Alternatively, a reversal beneath support eyes the 50% Fib at 97.65.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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