EUR/JPY Classic Technical Report 07.05.2012
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.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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