USDJPY Classic Technical Report 07.12.2012
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.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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