Forex Analysis: USDJPY Classic Technical Report 11.09.2012
Prices broke below rising trend line support set from late September to challenge the 38.2% Fibonacci retracement at 79.31. A break below that targets the 50% level at 78.89. Trend line support-turned-resistance is now at 79.92. A push back above that exposes long-term horizontal resistance at 80.54. We have booked profits on our long position.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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