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Talking Points
- Prices are testing support at 102.55 (falling channel support)
- Breaking lower exposes 102.02 (38.2% Fib retracement)
- Above 103.32 (23.6% Fib ret.) targets 104.50 (falling channel top)
Confirm your chart-based trade setups with the Technical Analyzer.
![dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Channel Support Under Fire](http://media.dailyfx.com/illustrations/2014/01/24/dailyclassics_usd-jpy_body_Picture_4.png)
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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