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Forex Analysis: USDJPY Classic Technical Report 11.07.2012

Forex Analysis: USDJPY Classic Technical Report 11.07.2012

Ilya Spivak, Head Strategist, APAC

Prices are stalling below resistance in the 80.39-51 area, marked by a horizontal barrier in play since early May and the 38.2% Fibonacci expansion. Initial support lines up at 80.04, the 23.6% expansion. A break below that aims for a rising trend line at 79.75. Alternatively, a break above resistance exposes the 50% level at 80.89.

Forex_Analysis_USDJPY_Classic_Technical_Report_11.07.2012_body_Picture_5.png, Forex Analysis: USDJPY Classic Technical Report 11.07.2012

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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