Forex Analysis: USD/JPY Classic Technical Report 11.14.2012

Prices are testing rising trend line support set from late September, a barrier reinforced by the 38.2% Fibonacci retracement at 79.31. A break below that targets the 50% level at 78.89. Near-term resistance lines up at the 80.00 figure, with a push above that targeting a familiar horizontal barrier at 80.54.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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