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USD/JPY Technical Analysis – Prices are edging lower 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. Near-term support is at 97.28, the 50% Fibonacci retracement. A break below that eyes the 61.8% level at 95.76. Resistance is reinforced by the 38.2% level at 98.80, with a reversal above that targeting the 23.6% retracement at 100.68.
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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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