USDJPY Classic Technical Report 08.02.2012
Prices advanced after putting in a Bullish Engulfing candlestick above support at 77.96, breaking initial resistance at 78.41 marked by the 23.6% Fibonacci retracement. The bulls now aim to challenge the 78.65-70 area, a barrier reinforced by a falling trend line set from the June 24 high. A break above this boundary marks a meaningful tone shift favoring the upside and initially exposes the 61.8% Fib at 79.18. The 78.41 level has been recast as near-term support.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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