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
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.