EUR/JPY Technical Analysis – Prices broke support at 130.90, the 23.6% Fibonacci expansion, exposing the 38.2% level at 129.76. A further push beneath this eyes the 50% Fib at 128.84. The 130.90 mark has been recast as near-term resistance, with a reversal back above that aiming for the 14.6% Fibat 131.60.
Confirm your chart-based trade setups with the Technical Analyzer.
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