USDJPY Classic Technical Report 08.08.2012
Prices are testing range resistance at 78.65, a barrier reinforced by the top of a falling channel set from the June 24 high. A break higher exposes the 79.00 figure and 79.12. Near-term support is at 78.43, with a break below that targeting a rising trend line now at 78.22 and a range bottom at 77.96.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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