USD/JPY Technical Analysis- Prices are testing resistance in the 94.67-77 area, marked by the 38.2% Fibonacci expansion and the major April 4 2010 swing high. Near-term support is at 93.73, the 23.6% level, with a break below that targeting the February 15 low at 92.22. Alternatively, a break above 94.77 aims for the 50% expansion at 95.42.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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