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EURJPY Classic Technical Report 08.17.2012

EURJPY Classic Technical Report 08.17.2012

Ilya Spivak, Head Strategist, APAC

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.

EURJPY_Classic_Technical_Report_08.17.2012_body_Picture_5.png, EURJPY Classic Technical Report 08.17.2012

Daily 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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