USDJPY Classic Technical Report 08.16.2012
Prices are testing above resistance at 79.12 having taken out the top of a rising channel set from the July 26 low. A break above this barrier exposes the next upside objective at 79.91. Channel top resistance-turned-support is now at 78.85, with a turn back below that targeting 78.60.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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