USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair found interim support in the 95.90-96.70 area, marked by a rising trend line set from late February and the March 12 high. A Hammer candlestick hints a bounce may be ahead. Initial resistance is at 98.32, the 38.2% Fibonacci retracement, with a break above that targeting the 50% level at 99.35.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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