USDJPY Classic Technical Report 07.11.2012
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).
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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