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USDJPY Classic Technical Report 10.08.2012

USDJPY Classic Technical Report 10.08.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing resistance at 78.87 marked by the 50% Fibonacci retracement a barrier reinforced by the top of a falling channel set from late June. Initial support lines up at 78.45, the 38.2% Fib, with a break below that exposing the 23.6% level at 77.95. Alternatively, a push above the channel top initially targets the 61.8% retracement at 79.28.

USDJPY_Classic_Technical_Report_10.08.2012_body_Picture_5.png, USDJPY Classic Technical Report 10.08.2012

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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