USD/JPY Flirts with Bullish Breakout
USD/JPY Technical Strategy: Flat
Prices are stalling below falling trend line resistance set from late May. Initial support is at 98.56, the 38.2% Fibonacci retracement, with a break below that targeting the 50% mark at 96.74. Alternatively, a push above the trend line (now at 100.94) initially aims for the July 8 swing high at 101.52.Current positioning does not offer an actionable entry signal and we will stand aside for now.
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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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