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EUR/JPY Classic Technical Report 07.05.2012

EUR/JPY Classic Technical Report 07.05.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a Bullish Engulfing candlestick pattern above a major support cluster marked by a rising trend line set from early June, the psychologically significant 100.00 figure, and the 23.6% Fibonacci expansion (99.75). A bounce from here seesinitial resistance at 100.62, the 38.2% level.Alternatively, a push lower targetsrecent swing lows at 98.74 and 98.32.

EURJPY_Classic_Technical_Report_07.05.2012_body_Picture_5.png, EUR/JPY Classic Technical Report 07.05.2012

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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