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Forex Analysis: USDJPY Classic Technical Report 10.29.2012

Forex Analysis: USDJPY Classic Technical Report 10.29.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing support in the 79.53-60 area marked by the August 17 close and the 23.6% Fibonacci retracement. A break below that exposes the 38.2% level at 79.13. Near-term resistance is at 80.39, with a break above that exposing the 81.00 figure. We continue to hold a long position from 78.67.

Forex_Analysis_USDJPY_Classic_Technical_Report_10.29.2012_body_Picture_5.png, Forex Analysis: USDJPY Classic Technical Report 10.29.2012

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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