Forex Analysis: USDJPY Classic Technical Report 11.09.2012
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USD/JPY
Prices broke below rising trend line support set from late September to challenge the 38.2% Fibonacci retracement at 79.31. A break below that targets the 50% level at 78.89. Trend line support-turned-resistance is now at 79.92. A push back above that exposes long-term horizontal resistance at 80.54. We have booked profits on our long position.
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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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
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
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