Forex Analysis: USDJPY Classic Technical Report 10.31.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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