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EURJPY Classic Technical Report 07.24.2012

EURJPY Classic Technical Report 07.24.2012

Ilya Spivak, Head Strategist, APAC

Prices pit in a Bullish Engulfing candlestick pattern at the bottom of a falling channel set from the June 29 swing high, hinting a move higher may be ahead. Initial resistance is seen at the channel’s midline, now at 94.90, with a break above tat targeting the formation’s top at 95.82. The July 23 low at 94.23 marks initial support, with a breach below this barrier targeting the channel bottom at 93.86.

EURJPY_Classic_Technical_Report_07.24.2012_body_Picture_5.png, EURJPY Classic Technical Report 07.24.2012

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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