USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair has now cleared key rising trend line set from late February, a barrier reinforced by the 61.8% Fibonacci retracement at 95.76, to challenge the 76.4% level at 93.88. A drop beneath the latter juncture exposes swing lows at 92.56 and 90.84. Alternatively, a move back above 95.76 sees trend line support-turned-resistance at 96.14.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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