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USD/JPY Classic Technical Report 07.04.2012

USD/JPY Classic Technical Report 07.04.2012

Ilya Spivak, Head Strategist, APAC

Prices are consolidating above support at a rising trend line set from early June, with resistance marked by the 23.6% Fibonacci expansion at 79.83. A break above this boundary exposes the 38.2% level at 80.25. Trend line support is now at 79.38.

USDJPY_Classic_Technical_Report_07.04.2012_body_Picture_5.png, USD/JPY Classic Technical Report 07.04.2012

4hr Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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