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EUR/JPY Classic Technical Report 07.06.2012

EUR/JPY Classic Technical Report 07.06.2012

Ilya Spivak, Head Strategist, APAC

Prices took out major support marked by a rising trend line set from early June, the psychologically significant 100.00 figure, and the 23.6% Fibonacci expansion (99.75). Sellers are now testing the June 26 swing low at 98.74, a barrier reinforced by a longer-term expansion at 98.68. A break below that initially exposes the June 28 bottom 98.32, followed by another expansion at 96.87.

EURJPY_Classic_Technical_Report_07.06.2012_body_Picture_5.png, EUR/JPY Classic Technical Report 07.06.2012

4hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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