Forex Analysis: USD/JPY Classic Technical Report 01.14.2013
Prices are testing resistance at 89.63, the 61.8% Fibonacci expansion. Initial support lines up at 89.09, the 50% expansion, with a break below that aiming for the 38.2% level at 88.55. Alternatively, a push above resistance aims for the psychologically significant 90.00 figure and the 76.4% Fib at 90.30.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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