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USDJPY Classic Technical Report 07.17.2012

USDJPY Classic Technical Report 07.17.2012

Ilya Spivak, Head Strategist, APAC

Prices are staging a shallow bounce from support 78.78 to retest the 79.00 figure, with a push back above that exposing 79.12. Renewed selling pressure that takes the pair through support exposes 78.60, followed by key 78.18-35 area that marked a major top between early November 2011 and late January 2012.

USDJPY_Classic_Technical_Report_07.17.2012_body_Picture_5.png, USDJPY Classic Technical Report 07.17.2012

4hr 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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