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Forex Analysis: USD/JPY Classic Technical Report 12.31.2012

Ilya Spivak

Prices put in a Shooting Star candlestick at rising channel resistance, hinting a move lower is ahead. A break below channel midline support at 85.59 initially exposes the 23.6% Fibonacci retracement at 84.38. Channel resistance is now at 86.91.

Forex_Analysis_USDJPY_Classic_Technical_Report_12.31.2012_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 12.31.2012

4-hour Chart - Created Using FXCM Marketscope 2.0

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

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