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Talking Points
- Prices edged higher after forming a Bullish Engulfing candle pattern
- Above 104.93 (23.6% Fib exp.) eyes 105.40-66 (Dec30 high, channel bottom)
- Reversing below 104.14 (14.6% Fib exp.) targets 102.85 (Jan 13 low)
Confirm your chart-based trade setups with the Technical Analyzer.
![dailyclassics_usd-jpy_body_Picture_4.png, Forex: USD/JPY Technical Analysis – Flat-lined Below 105.00](http://media.dailyfx.com/illustrations/2014/01/23/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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