USD/JPY Sinks Back Toward 95.00
USD/JPY Technical Strategy: Flat
Prices took out support at 96.74, the 61.8%Fibonacci retracement, to expose the 76.4% level at 95.60. This barrier is reinforced by a rising trend line set from late February, now at 95.20. Alternatively, a move back above 96.74 aims for the 50% expansion at 97.65.Current 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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