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Forex Analysis: USD/JPY Classic Technical Report 11.20.2012

Forex Analysis: USD/JPY Classic Technical Report 11.20.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing resistance at 81.78, the 61.8% Fibonacci retracement, with a Doji candlestick hinting at indecision and warning a pullback may be ahead. Initial support stands in the 80.54-65 area, with a drop below that aiming for the 80.00 figure and the 38.2% Fib at 79.81. Alternatively, a reversal above resistance targets the 76.4% retracement at 82.51.

Forex_Analysis_USDJPY_Classic_Technical_Report_11.20.2012_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 11.20.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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