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USDJPY Classic Technical Report 08.21.2012

USDJPY Classic Technical Report 08.21.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 79.58, the 61.8% Fibonacci retracement, hinting a move lower is ahead. Near-term support is in the 79.12-26 area, marked by the 50% retracement and the June 29 low, with a break below that targeting the top of a rising channel set from the late July (now at 78.75). Alternatively, a push above resistance exposes a former range top at 79.91.

USDJPY_Classic_Technical_Report_08.21.2012_body_Picture_5.png, USDJPY Classic Technical Report 08.21.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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