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USDJPY Classic Technical Report 08.09.2012

USDJPY Classic Technical Report 08.09.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing resistance in the 78.54-65 area marked by a range top in place since mid-July and 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 rising trend line support is now at 78.30, with a break below that targeting the range bottom at 77.96.

USDJPY_Classic_Technical_Report_08.09.2012_body_Picture_5.png, USDJPY Classic Technical Report 08.09.2012

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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