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USDJPY Classic Technical Report 07.11.2012

USDJPY Classic Technical Report 07.11.2012

Ilya Spivak, Head Strategist, APAC

Prices took out support at 79.48, 38.2% Fibonacci retracement, exposing the next downside barrier at 79.28. A break beyond this exposes the 50% Fib at 79.13. The 79.48 level has been recast as near-term resistance, with a breach back above that clearing the way for a retest of a rising trend line set from June’s swing bottom (now at 79.82).

USDJPY_Classic_Technical_Report_07.11.2012_body_Picture_5.png, USDJPY Classic Technical Report 07.11.2012

8hr 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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