Forex Analysis: USD/JPY Classic Technical Report 12.14.2012

Prices broke resistance is at 83.45, the 123.6%Fibonacci expansion, to challenge the 138.2% level at 83.97. A further push higher above this boundary targets the 150% level at 84.38. The 83.45 level has been recast as support. A drop below that eyes the 76.4% expansionat 82.62.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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