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USDJPY Classic Technical Report 10.16.2012

USDJPY Classic Technical Report 10.16.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing above resistance in the 78.67-75 area, marked by the tops of a Triangle consolidation pattern and a falling channel set from late June. A break above this boundary targets swing highs at 79.21 and 79.65. Triangle bottom support lines up at 78.07, with a break below that exposing 77.47.

USDJPY_Classic_Technical_Report_10.16.2012_body_Picture_5.png, USDJPY Classic Technical Report 10.16.2012

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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