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EURJPY Classic Technical Report 09.24.2012

EURJPY Classic Technical Report 09.24.2012

Ilya Spivak, Head Strategist, APAC

Prices are approaching support at a rising trend line set from late July, a barrier reinforced by the 38.2% Fibonacci retracement at 100.13 and the psychologically significant 100.00 figure. A break below the latter level initially exposes the 50% Fib at 98.98. Near-term resistance lines up at 101.55, the 23.6% level, with a push above that target targeting the September 17 high at 103.85.

EURJPY_Classic_Technical_Report_09.24.2012_body_Picture_5.png, EURJPY Classic Technical Report 09.24.2012

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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