EUR/JPY Technical Analysis – Prices broke above resistance at 131.17, the 23.6% Fibonacci expansion, exposing the 38.2% level at 132.30. This barrier is reinforced by the underside of a previously broken rising trend line set from the mid-June low, now recast as resistance. A break above that targets the 50% Fib at 133.22. Alternatively, a move back below 131.17 aims for the July 31 low at 129.33.
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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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