USD/JPY Technical Analysis- Prices advanced as expected after putting in a bullish Morning Star candlestick pattern. The bulls have now pushed through a key resistance cluster at the intersection of the March 12 high, the 23.6% Fibonacci expansion, and the underside of a recently broken rising trend line set from late February. A challenge of the 98.30-70 region marked by a falling trend line and the 38.2% level is tipped ahead, with a push beyond that targeting the 50% retracement at 100.22. Near-term support is at 96.70.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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