EUR/JPY Technical Analysis– Prices broke support at 128.18, the 23.6% Fibonacci retracement, exposing the 38.2% level at 126.37. A further push beneath that aims for the 50% Fib at 124.91. The 128.18 mark has been recast as near-term resistance, with a reversal back above that targeting a falling trend line 129.39.
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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