EUR/JPY Technical Analysis– Prices declined as expected to find support at 130.34, the 23.6% Fibonacci retracement. The pair is reversing downward anew after mounting a shallow recovery to retest the 14.6% level at 131.65. A break below support aims for the 38.2% Fib at 128.19. Alternatively, a reversal above resistance targets the May 22 swing high at 133.79.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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