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Forex Analysis: USD/JPY Classic Technical Report 12.05.2012

Forex Analysis: USD/JPY Classic Technical Report 12.05.2012

Ilya Spivak, Head Strategist, APAC

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.

Forex_Analysis_USDJPY_Classic_Technical_Report_12.05.2012_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 12.05.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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