Prices pulled back as expected after putting in a Spinning Top candlestick. The pair is now consolidating above support at 81.99, the 14.6% Fibonacci retracement. Resistance is at 84.17, the March 15 high, with a break above that targeting the 123.4% Fib expansion at 84.33. Alternatively, a drop below support eyes the 23.6% retracement at 81.48.

Forex_Analysis_USDJPY_Classic_Technical_Report_12.04.2012_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 12.04.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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