Forex Analysis: USD/JPY Classic Technical Report 12.13.2012

Prices broke resistance is at 82.61, the 100%Fibonacci expansion, to challenge the 123.6% level at 84.33. A further push higher above this boundary targets the 138.2% level at 83.97. The 82.61 has been recast as support. A drop below that eyes the 76.4% expansionat 81.78.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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