USD/JPY Technical Analysis– Prices are showing a Harami candlestick pattern below resistance marked by a falling trend line set from late May, hinting a move lower is ahead. Initial support is at 96.34, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 94.89. Alternatively, a push above the trend line targets a Fib barrier at 98.70.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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