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USD/JPY Technical Analysis – Prices put in a Spinning Top candlestick below resistance at the top of a large Triangle chart pattern carved out since late February, a barrier is reinforced by the 38.2% Fibonacci retracement at 98.80. The setup warns a move lower is ahead, with a break below initial support at the 50% Fib (97.28) exposing the 61.8% level at 95.76. Alternatively, a break above resistance targets 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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