USD/JPY Sinks Back Toward 95.00

DailyFX

USD/JPY Technical Strategy: Flat

Prices took out support at 96.74, the 61.8%Fibonacci retracement, to expose the 76.4% level at 95.60. This barrier is reinforced by a rising trend line set from late February, now at 95.20. Alternatively, a move back above 96.74 aims for the 50% expansion at 97.65.Current does not offer an actionable entry signal and we will stand aside for now.

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Forex_Strategy_USDJPY_Sinks_Back_Toward_95.00_body_Picture_5.png, USD/JPY Sinks Back Toward 95.00

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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