USD/JPY Technical Analysis: Three-Month Uptrend at Risk
USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair has now taken out support at 97.28, the 50% Fibonacci retracement, exposing the 61.8% retracement at 95.76. This barrier is reinforced by a rising trend line defining the rising trend since late February. A further push below that eyes the 76.4% Fib at 93.88. The 97.28 level has been recast as near-term resistance, with a reversal above that aiming for the 38.2% mark at 98.80.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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