USDJPY Classic Technical Report 08.20.2012
Prices are testing resistance at 79.58, the 61.8% Fibonacci retracement. A break higher exposes a former range top at 79.91. Near-term support is in the 79.12-26 area, marked by the 50% retracement and the June 29 low. A push back beneath that targets the top of a rising channel set from the late July, now at 78.84.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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