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EURJPY Classic Technical Report 08.31.2012

EURJPY Classic Technical Report 08.31.2012

Ilya Spivak, Head Strategist, APAC

Prices continue to drift below resistance at the top of a falling channel carved out since late May (99.29). A break above that exposes the 100.00 figure and the upper boundary of a steeper rising channel set from the July 24 low (100.08). Channel bottom support is now at 97.68.

EURJPY_Classic_Technical_Report_08.31.2012_body_Picture_5.png, EURJPY Classic Technical Report 08.31.2012

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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