USD/JPY Nears Major Upside Target
USD/JPY Technical Strategy: Pending Long
Prices are testing resistance at 93.32, the 50% Fibonacci expansion. A break higher exposes the 61.8% level at 93.34. Near-term support is at 91.33, the 38.2% expansion, with a reversal below that aiming for the 23.6% Fib at 90.08. Bigger-picture, the pair is approaching its long-term upside objective above the 92.00 figure, hinting a significant correction lower may be near. We will look to a move lower as a buying opportunity in the weeks ahead.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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