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USDJPY Classic Technical Report 09.26.2012

USDJPY Classic Technical Report 09.26.2012

Ilya Spivak, Head Strategist, APAC

Prices took out support at 77.96, marked by the June 1 close and the midline of an Andrew’s Pitchfork channel. Sellers now aim to challenge the September 13 close at 77.47, with a break below that exposing the Pitchfork bottom (76.86). The 77.96 level has been recast as resistance, with a break back above that aiming for the Pitchfork top at 78.92.

USDJPY_Classic_Technical_Report_09.26.2012_body_Picture_5.png, USDJPY Classic Technical Report 09.26.2012

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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