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USDJPY Classic Technical Report 10.04.2012

USDJPY Classic Technical Report 10.04.2012

2012-10-04 10:10:00
Ilya Spivak, Head Strategist, APAC
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Prices continue to press higher after taking out support-turned-resistance at 77.96. The bulls now aim to challenge 78.83, a horizontal barrier reinforced by the top of a falling channel set from late July (now at 78.93). The 77.96 level has been recast as near-term support, with a push back below that exposing 77.47 anew.

USDJPY_Classic_Technical_Report_10.04.2012_body_Picture_5.png, USDJPY Classic Technical Report 10.04.2012

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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