USDJPY Classic Technical Report 08.31.2012

Prices are testing support at a rising trend line set from late July low, now at 78.46. A break below that exposes 77.96. Initial resistance lines up at 78.69, the 23.6% Fibonacci expansion. A push above that targets the 38.2% Fib at 78.94.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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