USDJPY Classic Technical Report 08.15.2012
Prices took out range top resistance at 78.60 and a falling trend line set from the late-June swing top. The bulls are now probing through the top of a rising channel set from the July 26 low (78.81) to challenge the 79.00 figure. Resistance is further reinforced by the June 29 low at 79.12, with a break above this boundary targeting 79.91. The 78.60 level has been recast as support.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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