Forex Analysis: USDJPY Classic Technical Report 11.08.2012
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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