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USD/JPY Technical Analysis: Bulls Target Above 102.00

USD/JPY Technical Analysis: Bulls Target Above 102.00

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices took out resistance at 100.68, the 61.8% Fibonacci expansion, exposing the 76.4% level at 102.31 as the next upside objective. A push beyond that eyes the May 22 high at 103.73. The 100.68 mark has been recast as near-term support, with a drop back beneath that targeting the 50% expansion at 99.36.

dailyclassics_usd-jpy_body_Picture_5.png, USD/JPY Technical Analysis: Bulls Target Above 102.00

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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