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USD/JPY Technical Analysis – Prices declined as expected after putting in a Spinning Top candlestick below resistance at the top of a large Triangle chart pattern carved out since late February, taking out near-term support at the 50% Fibonacci retracement (97.28). Sellers now aim to challenge the 61.8% level at 95.76, a barrier reinforced by the Triangle bottom. A reversal back above 97.28 eyes the Triangle top at 98.68.
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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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