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USD/JPY Technical Analysis: Prices Recoiling from Parity

Ilya Spivak

USD/JPY Technical Analysis - Prices are testing below support-turned-resistance at 98.85, the June 3 low, with a break lower initially exposing the 38.2% Fibonacci expansion at 97.72. Near-term resistance lines up a falling trend line set from the May 22 swing high, now at 99.89.

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dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Prices Recoiling from Parity

Daily Chart - Created Using FXCM Marketscope 2.0

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

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