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USD/JPY Technical Analysis: Sellers Target July Bottom

Ilya Spivak

USD/JPY Technical Analysis - Prices slipped below support-turned-resistance at 98.85, the June 3 low, exposing the 38.2% Fibonacci expansion at 97.72. A further drop below that eyes the 50% level at 96.54. Alternatively, a move back above 98.85 eyes a falling trend line set from the May 22 swing high, now at 99.73.

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dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Sellers Target July Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

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

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