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USD/JPY Classic Technical Report 07.05.2012

USD/JPY Classic Technical Report 07.05.2012

Ilya Spivak, Head Strategist, APAC

Prices broke above resistance at 79.83, the 23.6% Fibonacci expansion, to challenge the 80.00 figure. A push above this boundary exposes the 38.2% level at 80.25. The 79.83 level has been recast as near-term support.

USDJPY_Classic_Technical_Report_07.05.2012_body_Picture_5.png, USD/JPY Classic Technical Report 07.05.2012

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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