USD/JPY Technical Analysis: Bounce Begins at Support
USD/JPY Technical Analysis - Prices are recovering from support at 97.65, the 50% Fibonacci retracement, to challenge the 38.2% level at 98.56. A break above this boundary exposes a falling trend line set from late May, now at 100.27. Alternatively, a drop below 97.65 aims for the 61.8% Fib at 96.74.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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