FOREX ANALYSIS: USDJPY Classic Technical Report 10.25.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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