Forex: USD/JPY Technical Analysis – Yen Claws Back Territory

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Talking Points

  • Prices have failed to build higher after the appearance of a Bullish Engulfing candle pattern
  • Near-term support is at 98.20 (trend line, 50% Fib); break below that targets 97.63 (61.8% Fib)
  • A turn above resistance at 98.77 (38.2% Fib aims for 99.47 (23.6% Fib)

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dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Yen Claws Back Territory

Daily Chart - Created Using FXCM Marketscope 2.0

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

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