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FOREX ANALYSIS: USDJPY Classic Technical Report 10.25.2012

FOREX ANALYSIS: USDJPY Classic Technical Report 10.25.2012

Ilya Spivak, Head Strategist, APAC

Prices broke resistance at 79.53 having cleared the tops of a Triangle consolidation chart pattern and a falling channel set from late June last week, prompting us to enter long. The bulls are now probing above the psychologically significant 80.00 figure, with a confirmed break above that exposing 80.39. The 79.53 has been recast as support. A reversal beneath that aims for the 79.00 mark.

FOREX_ANALYSIS_USDJPY_Classic_Technical_Report_10.25.2012_body_Picture_5.png, FOREX ANALYSIS: USDJPY Classic Technical Report 10.25.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.