EUR/JPY Technical Analysis– Prices declined as expected after putting in a bearish Harami candlestick pattern. Sellers are now testing below support at 119.12, the 76.4% Fibonacci expansion, with a break below that targeting the 100% level at 117.00. Near-term resistance is at 120.43, the 61.8% Fib, with a reversal back above that eyeing the 50% expansion at 121.49.
Daily Chart – Created Using FXCM Marketscope 2.0
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— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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