USDJPY Classic Technical Report 08.22.2012
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 78.77). Alternatively, a push above resistance exposes a former range top at 79.91.
Daily Chart - Created Using FXCM Marketscope 2.0
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