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USD/JPY Classic Technical Report 07.06.2012

USD/JPY Classic Technical Report 07.06.2012

2012-07-06 04:50:00
Ilya Spivak, Head Strategist, APAC
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Prices broke above resistance at 79.83, the 23.6% Fibonacci expansion. Buyers now aim to challenge the 38.2% level at 80.25. The 79.83 level has been recast as near-term support, with a break back below that exposing trend line support levels at 79.64 and 79.45.

USDJPY_Classic_Technical_Report_07.06.2012_body_Picture_5.png, USD/JPY Classic Technical Report 07.06.2012

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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