Forex Analysis: USDJPY Classic Technical Report 10.26.2012
Prices are pulling back from resistance at 80.39 to retest the 38.2% Fibonacci retracement at 79.81. A break below that exposes resistance-turned-support at 79.53 and the 79.00 figure. Resistance is reinforced by the 50% Fib at 80.65. A push above this level on a daily closing basis targets the 61.8% retracement at 81.48. We continue to hold a long position from 78.67.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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