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USD/JPY Technical Analysis: Interim Chart Support Found

USD/JPY Technical Analysis: Interim Chart Support Found

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis- Prices found support at 98.56, the 38.2% Fibonacci retracement, after breaking rising trend line support defining the rising trend from the mid-June swing bottom. Near-term resistance is at 99.69, the 23.6% level, with a break above that exposing the July 8 high at 101.52. Alternatively, a reversal beneath support eyes the 50% Fib at 97.65.

dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Interim Chart Support Found

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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