USDJPY Classic Technical Report 09.05.2012
Prices are wedged between a rising trend line set from the June 1 low (78.52) and a shorter-term one established from late July (78.15). Resistance is reinforced by the 23.6% Fibonacci expansion at 78.69, with a break below that targeting the 38.2% level at 78.94. Alternatively, a push through support targets 77.96.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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