USD/JPY Technical Analysis – Prices broke support at 98.56, the 38.2% Fibonacci retracement, exposing the 50% mark at 96.74. A further push beneath that targets the 61.8% level at 96.74. The 98.56 mark has been recast as near-term resistance, with a turn back above that eyeing a falling trend line set from the May 22 swing high (now at 100.39).
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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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