USDJPY Classic Technical Report 07.16.2012

Prices eased past support at 79.12 and now appear poised to challenge the next major swing lows at 78.78 and 78.60. The 79.12 level has been recast as immediate resistance, with a break back above that exposing a falling trend line set from the June 24 high (now at 79.58).

4hr Chart - Created Using FXCM Marketscope 2.0

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

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