Forex Analysis: USD/JPY Classic Technical Report 01.07.2013

Prices are testing the bottom of a rising channel carved out over the past three weeks (87.64). A break lower initially exposes the 23.6% Fibonacci retracement at 87.33. Near-term resistance is at 88.40, the January 4 high, followed by the channel top at 88.80.

4hr Chart - Created Using FXCM Marketscope 2.0

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

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