USDJPY Classic Technical Report 07.10.2012
Prices edged through support at a rising trend line set from the early June swing bottom exposing the 38.2% Fibonacci retracement at 79.48. A break below this barrier exposes the 50% level at 79.13. The trend line, now at 79.76, is now acting as near-term resistance.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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