EUR/JPY Technical Analysis– Prices launched a sharp recovery following the BOJ monetary policy announcement, testing above the 38.2% Fibonacci retracement at 122.14. A break above that targets the 50% level at 123.20, a barrier reinforced by the underside of a previously broken rising trend line. Near-term support is at 119.10, the April 3 low.
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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