USD/JPY: short-term negative

As you can see on the daily chart, USD/JPY met resistance at 100.80 last week (resistance line connecting May and July highs). There may be a negative pattern on the daily chart, especially if the pair closes below 100.00 today.

The prices are currently struggling around support in the 99.90 area (61.8% Fibo of the decline from May to June) and 99.70 (23.6% Fibo of the advance from June to July). The loss of these levels may bring the pair down to 98.75/60.

On the upside resistance lies at 100.50, 100.80 and 101.40.

Chart. H4 USD/JPY

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