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USDJPY Classic Technical Report 07.27.2012

USDJPY Classic Technical Report 07.27.2012

Ilya Spivak, Head Strategist, APAC

Prices are consolidating above support at 77.96. A break below this barrier initially exposes 77.65. Near-term resistance lines up at 78.41, the 23.6% Fibonacci retracement, with a break above that targeting the 78.65-70 area.

USDJPY_Classic_Technical_Report_07.27.2012_body_Picture_5.png, USDJPY Classic Technical Report 07.27.2012

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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