EUR/JPY Technical Analysis: Drop Cut Short Sub-130.00

| 1 augusti, 2013 | 0 kommentarer

EUR/JPY Technical Analysis – Prices broke lower as expected after putting in a Bearish Engulfing candlestick pattern. Prices are now recovering from support at 129.76, the 38.2% Fibonacci retracement, to challenge the 23.6% level at 130.90. A break above that aims for rising trend line support-turned-resistance at 132.25. Alternatively, a move below support eyes the 50% Fib at 128.84.

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dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Drop Cut Short Sub-130.00

Daily Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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