USDJPY Classic Technical Report 08.28.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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