Forex Analysis: USD/JPY Classic Technical Report 12.05.2012
Prices pulled back as expected after putting in a Spinning Top candlestick. The pair is now consolidating above support at 81.78, the 76.4% Fibonacci expansion. Resistance is at 82.61, the 100% Fib level, with a break above that targeting the 123.6% expansion at 84.33. Alternatively, a drop below support eyes the 61.8% mark at 81.26.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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