Forex: USD/JPY Technical Analysis – Trend Line Back in Play
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- Prices have failed to build higher after the appearance of a Bullish Engulfing candle pattern
- Near-term support is at 98.20 (trend line, 50% Fib); break below that targets 97.63 (61.8% Fib)
- A turn above resistance at 98.77 (38.2% Fib aims for 99.47 (23.6% Fib)
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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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