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USDJPY Classic Technical Report 08.07.2012

USDJPY Classic Technical Report 08.07.2012

Ilya Spivak, Head Strategist, APAC

Prices pulled back from falling channel resistance set from the June 24 high to take support at 78.43, putting USDJPY back in the middle of the range prevailing over the past three weeks. Near-term support remains at 77.96, with a break below that exposing 77.65. Range resistance remains in the 78.43-65 area.

USDJPY_Classic_Technical_Report_08.07.2012_body_Picture_5.png, USDJPY Classic Technical Report 08.07.2012

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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