USDJPY: Buyers Push Prices Toward 80.00 Figure

By Ilya Spivak | DailyFX – Fri 17 Aug, 2012 4:28 PM IST

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SymbolPriceChange
USDJPY=X101.8155-1.31

Strategy: Flat

Prices broke above resistance at 79.12 having taken out the top of a rising channel set from the July 26 low. Buyers now aim to challenge the next upside objective at 79.91, a former range top, with a break above that targeting 80.39. The 79.12 level has been recast as near-term support. Risk/reward considerations argue against entering a trade at current levels and we will stand side for now.

USDJPY_Buyers_Push_Prices_Toward_80.00_Figure_body_Picture_5.png, USDJPY: Buyers Push Prices Toward 80.00 Figure

8hr 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

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