U.S. Markets open in 3 hrs 3 mins

Forex Analysis: USDJPY Classic Technical Report 11.08.2012

Ilya Spivak

Prices broke below support at 80.04, the 23.6% Fibonacci expansion, exposing a rising trend line at 79.82. A break below that exposes 79.27, the October 30 low. The 80.04 level has been recast as near-term resistance, with a push back above that aiming for the 80.39-51 area.

Forex_Analysis_USDJPY_Classic_Technical_Report_11.08.2012_body_Picture_5.png, Forex Analysis: USDJPY Classic Technical Report 11.08.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.