USD/JPY Technical Analysis – Prices are testing below support at 97.72, the 38.2% Fibonacci expansion, to take aim at the 50% level (96.55). A break below this boundary targets the 61.8% Fib at 95.37. Near-term resistance is at 98.85, followed by a falling trend line set from late May (now at 99.77).
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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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