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EURJPY Classic Technical Report 07.12.2012

EURJPY Classic Technical Report 07.12.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing through support at 96.87, the 38.2% Fibonacci expansion, with a break lower exposing the June 1 bottom at 96.42. Piercing below the latter boundary exposes the June low at 95.57 and 50% Fib at 95.40. Yesterday’s high at 97.87 and the 23.6% expansion at 98.68 mark near-term resistance.

EURJPY_Classic_Technical_Report_07.12.2012_body_Picture_5.png, EURJPY Classic Technical Report 07.12.2012

8hr 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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