USD/JPY Technical Analysis: Candle Setup Marks Rebound
USD/JPY Technical Analysis - Prices are pushing higher after putting in a Bullish Engulfing candlestick pattern. Buyers are testing above resistance at 97.63, the 23.6% Fibonacci expansion, with a break higher targeting the 38.2% level at 98.76. Near-term support is at 95.80, the August 8 low, followed by a rising trend line at 95.25.
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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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