USDJPY Classic Technical Report 07.20.2012
Prices took out 61.8% Fibonacci retracement support at 78.78 and now aim to challenge the 76.4% level at 78.35, with a break below that exposing the 78.00 figure. The 78.78 level has been recast as near-term resistance.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.