USD/JPY Technical Analysis- Prices recoiled from resistance below the 100.00 figure to test support at 97.79, the 23.6% Fibonacci retracement. A break below this barrier initially exposes the 38.2% level at 96.46. Near-term resistance is at 98.60, the 38.2% Fib expansion, with a push above that eyeing the 50% mark at 99.47.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE