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USD/JPY Finds Interim Support Above 98.00

USD/JPY Finds Interim Support Above 98.00

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Strategy: Flat

Prices found support at 98.56, the 38.2% Fibonacci retracement, after breaking rising trend line support defining the rising trend from the mid-June swing bottom. Near-term resistance is at 99.69, the 23.6% level, with a break above that exposing the July 8 high at 101.52. Alternatively, a reversal beneath support eyes the 50% Fib at 97.65. Current does not offer an actionable entry signal and we will stand aside for now.

Forex_Strategy_USDJPY_Finds_Interim_Support_Above_98.00_body_Picture_5.png, USD/JPY Finds Interim Support Above 98.00

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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