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EURJPY Classic Technical Report 08.28.2012

EURJPY Classic Technical Report 08.28.2012

Ilya Spivak, Head Strategist, APAC

Prices are drifting following a test of resistance at the top of a rising channel set from the July 24 low (99.67), a barrier reinforced by the upper boundary of a larger falling channel carved out since late May (99.42). A break above the former level targets the 100.00 figure, followed by the 101.38-62 area marked by late June swing highs. Channel bottom support is now at 97.33.

EURJPY_Classic_Technical_Report_08.28.2012_body_Picture_5.png, EURJPY Classic Technical Report 08.28.2012

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

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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