EUR/JPY Technical Analysis – Prices are turning lower as expected after putting gin a Bearish Engulfing candlestick pattern, with sellers pushing through support at a rising trend line set from mid-June (131.46) to take aim at the 23.6% Fibonacci retracement at 130.63. Near-term resistance is at 132.51, the 23.6% Fib expansion.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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