USD/JPY Technical Analysis – Prices narrowly edged above resistance at 99.41, the 23.6% Fibonacci expansion, exposing falling trend line resistance at 100.22, followed by the 38.2% level at 100.54. A break above the latter barrier targets the 50% Fib at 101.45. Near-term support is at 97.58, the July 31 low.
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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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