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EUR/JPY Classic Technical Report 07.03.2012

EUR/JPY Classic Technical Report 07.03.2012

Ilya Spivak, Head Strategist, APAC

Prices are bouncing from support at 99.75 marked by the intersection of a rising trend line and the 23.6% Fibonacci expansion. Near-term resistance lines up at 100.62, the 38.2% Fib, with a break above that exposing the 50% level at 101.34. Alternatively, a push below support exposes recent swing lows at 98.74 and 98.32.

EURJPY_Classic_Technical_Report_07.03.2012_body_Picture_5.png, EUR/JPY Classic Technical Report 07.03.2012

4hr 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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