EUR/JPY Technical Analysis – Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Initial support is at 130.62, the 23.6% Fibonacci retracement, a barrier reinforced by a rising trend line set from mid-June. A break below that aims for the 38.2% level at 129.54. Near-term resistance is at 132.38, the July 22 high.
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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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