USD/JPY Technical Analysis- Prices are testing below support in the 93.77-90 area, marked by the 50% Fibonacci retracement and a rising trend line set from early January. A break downward initially targets the 61.8% level at 93.08. Near-term resistance is at 94.46, the 38.2% Fib, with a reversal back above that aiming for the 23.6% retracement at 95.32.

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

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