EUR/JPY Technical Analysis – Prices are testing support at 128.31, the 50% Fibonacci expansion, with a break confirmed on a daily closing basis exposing the 61.8% level at 127.26. Near-term resistance is at 129.35, the 38.2% Fib. A recovery above that initially targets the 23.6% expansion at 130.65.
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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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