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USDJPY: Interim Support Found Near 78.00

USDJPY: Interim Support Found Near 78.00

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices are consolidating above support at 77.96. A break below this barrier initially exposes 77.65. Near-term resistance lines up at 78.41, the 23.6% Fibonacci retracement, with a break above that targeting the 78.65-70 area. Current positioning doesn’t offer a compelling trend setup here and we will wait for something more attractive to present itself.

USDJPY_Interim_Support_Found_Near_78.00_body_Picture_5.png, USDJPY: Interim Support Found Near 78.00

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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