Tanalys

EUR/JPY Technical Analysis 05.28.2013

EUR/JPY Technical Analysis– Prices declined as expected to find support at 130.34, the 23.6% Fibonacci retracement. The pair is now mounting a shallow recovery to retest the 14.6% level at 131.65, with a reversal back above that eyeing the May 22 swing high at 133.79. Alternatively, a renewed push lower that clears support aims for the 38.2% Fib at 128.19.

Daily Chart – Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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