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Forex Analysis: EUR/JPY Classic Technical Report 12.14.2012

By , Currency Strategist
14 December 2012 00:59 GMT

Prices broke above resistance at 108.87, the 38.2% Fibonacci expansion, with buyers now targeting the 50% Fib at 109.79. The 108.87 level has been recast as support. A drop back below that targets the 23.6% expansion at 107.77.

Forex_Analysis_EURJPY_Classic_Technical_Report_12.14.2012_body_Picture_1.png, Forex Analysis: EUR/JPY Classic Technical Report 12.14.2012

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

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14 December 2012 00:59 GMT