EUR/JPY Technical Analysis – Prices are stalling above the 23.6% Fibonacci expansion at 129.80. A break below that aims for the August 12 low at 127.96. Near-term resistance is at a falling trend line set from late July, now at 130.84. This barrier is reinforced by the 38.2% expansion at 130.93, with a push above that eyeing the 50% Fib at 131.85.
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