Price action on USD/JPY, a 4-hour chart of which is shown, has reached up to bounce down off of a significant support/resistance level in the 97.15 price region. This level corresponds approximately with the key 50% Fibonacci retracement level of the recent descent from 98.56 to 95.50. For more technical analysis on this currency pair, please click here for Friday’s (6/19/2009) Chart of the Day.
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