EUR/JPY Technical Analysis– Prices declined as expected test falling trend line resistance-turned-support set from early April, now at 129.57. A break below that exposes the 38.2% Fibonacci retracementat 128.19. Near-term resistance is at 133.81, the May 22 high.
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