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Forex Analysis: USDJPY Classic Technical Report 11.08.2012

Forex Analysis: USDJPY Classic Technical Report 11.08.2012

Ilya Spivak, Head Strategist, APAC

Prices broke below support at 80.04, the 23.6% Fibonacci expansion, exposing a rising trend line at 79.82. A break below that exposes 79.27, the October 30 low. The 80.04 level has been recast as near-term resistance, with a push back above that aiming for the 80.39-51 area.

Forex_Analysis_USDJPY_Classic_Technical_Report_11.08.2012_body_Picture_5.png, Forex Analysis: USDJPY Classic Technical Report 11.08.2012

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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