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Forex Analysis: USDJPY Classic Technical Report 10.26.2012

Forex Analysis: USDJPY Classic Technical Report 10.26.2012

2012-10-26 11:36:00
Ilya Spivak, Head Strategist, APAC
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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.

Forex_Analysis_USDJPY_Classic_Technical_Report_10.26.2012_body_Picture_5.png, Forex Analysis: USDJPY Classic Technical Report 10.26.2012

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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