USD/JPY Technical Analysis- Prices are testing above resistance at 98.42, the 100% Fibonacci extension. A break above that on a daily closing basis eyes the 123.6% level at 99.80. Near-term support is at 97.03, the 76.6% Fib. A reversal back beneath that aims for the 61.8% expansion at 96.18.

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

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