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USDJPY Classic Technical Report 08.28.2012

USDJPY Classic Technical Report 08.28.2012

2012-08-28 12:21:00
Ilya Spivak, Head Strategist, APAC
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Prices are turning lower after putting in a Shooting Star candlestick below resistance at 78.69, the 23.6% Fibonacci expansion. Initial support lines up at 78.35 at a rising trend line set from the July 23 low, a barrier reinforced by a former falling trend resistance established from the June 25 high (78.28). A push below the latter boundary exposes 77.96. Alternatively, a reversal above resistance targets the 38.2% Fib at 78.94.

USDJPY_Classic_Technical_Report_08.28.2012_body_Picture_5.png, USDJPY Classic Technical Report 08.28.2012

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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