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USD/JPY Technical Analysis - Prices are pushing higher after putting in a Bullish Engulfing candlestick pattern. A break above resistance at 97.63, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 98.76. A further push higher targets a falling trend line set from late May, now at 99.31. The 97.63 level has been recast as near-term support, with a move back below eyeing the August 8 lowat 95.80.

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dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Rebound Pauses at 98.00 MarkDaily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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