Forex: USD/JPY Technical Analysis – Yen Drops to 7-Week Low
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- Bearish Engulfing formation seen yesterday invalidated with a break above 100.22 (38.2% Fib)
- Initial resistance from here is at 100.74 (50% Fib); a break above that targets 101.26 (38.2% Fib)
- 100.22 now recast as support, with a turn back below that eyeing 99.58 (23.6 Fib expansion)
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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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