USDJPY Classic Technical Report 07.23.2012
Prices are testing through support at 78.35, with a break below that exposing the June 1 low at 77.65. Near-term falling trend line resistance lines up at 79.35, but 78.35 would be recast as the relevant upside barrier in the event of a confirmed breakdown (on a daily-closing basis).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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