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USDJPY Classic Technical Report 09.06.2012

USDJPY Classic Technical Report 09.06.2012

Ilya Spivak, Head Strategist, APAC

Prices are wedged between a rising trend line set from the June 1 low (78.15) and a shorter-term one established from late July (78.54). 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.

USDJPY_Classic_Technical_Report_09.06.2012_body_Picture_5.png, USDJPY Classic Technical Report 09.06.2012

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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