Forex Analysis: USD/JPY Classic Technical Report 12.19.2012

Prices are testing resistance at 84.54, the 50% Fibonacci expansion, with a confirmed break higher exposing the 61.8% level at 85.14. Near-term support is at 83.83, the 38.2% expansion. A drop below that targets the 23.6% Fib at 83.01.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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