Forex: USD/JPY Technical Analysis – Channel Resistance Broken
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- Prices rose as expected after showing a Hammer candle, breaking 97.87 (38.2% Fib, channel top)
- Bulls are now testing 98.15 (50% Fib); a break above that targets 98.44 (61.8% Fib)
- Back below 97.87 aims for the 23.6% Fib expansion level at 97.51
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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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