USD/JPY Technical Analysis- Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Prices are staging a mild recovery from support at 100.68, the 23.6% Fibonacci retracement, to retest the 14.6% level at 101.84. A reversal back above that exposes the May 22 high at 103.73. Alternatively, a move below support eyes the 38.2% retracement at 98.80.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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