EUR/JPY Technical Analysis– Prices are testing falling trend line resistance set from late May (129.69), a barrier reinforced by the 38.2% Fibonacci expansion at 130.57. A break above the latter barrier aims for the 50% level at 132.30. Near-term support is at 127.76, with a move beneath that eyeing the April 16 low at 124.95.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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