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USD/JPY Technical Analysis: Consolidation Breaks Downward

USD/JPY Technical Analysis: Consolidation Breaks Downward

Ilya Spivak, Head Strategist, APAC

USD/JPY Technical Analysis - Prices broke support is at 98.56, the 38.2% Fibonacci retracement, exposing the 50% mark at 96.74. A further push beneath that targets the 61.8% level at 96.74. The 98.56 mark has been recast as near-term resistance, with a turn back above that eyeing a falling trend line set from the May 22 swing high (now at 100.48).

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-jpy_body_Picture_4.png, USD/JPY Technical Analysis: Consolidation Breaks Downward

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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