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USDJPY Classic Technical Report 07.12.2012

USDJPY Classic Technical Report 07.12.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing support at 79.48, 38.2% Fibonacci retracement, after recoiling lower on a retest of a rising trend line set from June’s swing bottom. A break lower exposes a horizontal barrier at 79.28 followed by the 50% Fib at 79.13. The trend line – now at 79.78 – marks near-term resistance.

USDJPY_Classic_Technical_Report_07.12.2012_body_Picture_5.png, USDJPY Classic Technical Report 07.12.2012

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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