USDJPY Classic Technical Report 08.13.2012
Prices recoiled from resistance in the 78.60-78 area, a range top in play since mid-July reinforced by a falling trend line stretching from the June 25 top. The pair took out rising trend line support established from the July 31 high, exposing the range bottom at 77.96. A break below this boundary targets 77.65. The broken minor trend line, now at 78.42, has been recast as near-term resistance.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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