EUR/JPY Technical Analysis– Prices are testing support at 127.70, marked by the February 6 high and the bottom of a Triangle chart pattern carved out since mid-April. A reversal higher sees Triangle resistance at 130.23, with a break above targeting the April 11 high at 131.11. Alternatively, a break below support aims for the March 8 top at 126.03
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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