USDJPY Classic Technical Report 08.14.2012
Prices remain locked a familiar range that has contained volatility since mid-July. Prices are probing higher to retest a recently broken rising trend line set from the July 31 low (78.48), with a break above that exposing the 78.60 and a falling trend line set from late June (78.64). Near-term support is at a flatter trend line stretching from the July 23 low (78.14), with a push through that targeting the 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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