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USDJPY Classic Technical Report 08.02.2012

USDJPY Classic Technical Report 08.02.2012

2012-08-02 08:38:00
Ilya Spivak, Head Strategist, APAC
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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.

USDJPY_Classic_Technical_Report_08.02.2012_body_Picture_5.png, USDJPY Classic Technical Report 08.02.2012

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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