Forex Analysis: USD/JPY Classic Technical Report 11.20.2012
Prices are testing resistance at 81.78, the 61.8% Fibonacci retracement, with a Doji candlestick hinting at indecision and warning a pullback may be ahead. Initial support stands in the 80.54-65 area, with a drop below that aiming for the 80.00 figure and the 38.2% Fib at 79.81. Alternatively, a reversal above resistance targets the 76.4% retracement at 82.51.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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