EURJPY Classic Technical Report 08.17.2012
Prices took out resistance at a falling trend line set from the April 20 swing high, with sellers now aiming to challenge the top of a rising channel set from the July 25 low (98.74). A break above this boundary exposes 99.69. Near-term support is now in the 96.38-75 area, with a push below that aiming to challenge swing lows at 94.91 and 94.10.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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