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USDJPY Classic Technical Report 10.18.2012

USDJPY Classic Technical Report 10.18.2012

Ilya Spivak, Head Strategist, APAC

Prices took out resistance marked by the tops of a Triangle consolidation chart pattern and a falling channel set from late June, hinting at further gains ahead, and we entered long. The bulls now aim to challenge 79.53, with a break above that exposing the 80.00 figure and 80.39. Support is now at 78.66, with a break back below that targeting 78.14.

USDJPY_Classic_Technical_Report_10.18.2012_body_Picture_5.png, USDJPY Classic Technical Report 10.18.2012

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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