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USDJPY Classic Technical Report 10.09.2012

USDJPY Classic Technical Report 10.09.2012

Ilya Spivak, Head Strategist, APAC

Prices followed lower after forming a Bearish Engulfing below resistance at 78.87, marked by the 50% Fibonacci retracement and the top of a falling channel set from June, taking out the 38.2% level at 78.45. Sellers now aim to challenge the 23.6% level at 77.95. The 78.45 level has been recast as near-term resistance, with a push back above that targeting 78.87 anew.

USDJPY_Classic_Technical_Report_10.09.2012_body_Picture_5.png, USDJPY Classic Technical Report 10.09.2012

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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