USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. The pair has now completed a bullish Morning Star formation above support at 93.88, the 76.4%Fibonacci retracement, hinting at gains ahead. Initial resistance is at 95.76, the 61.8% level, with a break back above that eyeing trend line support-turned-resistance at 96.26.Alternatively, a reversal beneath support exposes swing lows at 92.56 and 90.84.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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