EUR/JPY Technical Analysis– Prices are testing resistance at 129.96, the top of a Triangle chart pattern carved out since mid-April. A break above that initially targets the April 11 high at 131.11. Support is in the 127.70-99 area, marked by the February 6 high and the Trianglebottom. A push beneath that aims for the March 8 top at 126.03.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed