EUR/JPY Technical Analysis– Prices put in a bearish Evening Star candlestick pattern below falling trend line resistance set from late May (129.48), hinting a move lower is ahead. A reversal from here sees the first major layer of support at 124.95, the April 16 low. Alternatively, a push above resistance targets the 38.2% Fibonacci expansion at 130.57. We have entered short.
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