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EURJPY Classic Technical Report 10.05.2012

EURJPY Classic Technical Report 10.05.2012

Ilya Spivak, Head Strategist, APAC

Prices took out resistance at 101.92, the 23.6% Fibonacci expansion, exposing the 38.2% level at 103.35. A further push above that eyes the 50% level at 104.49. The 101.92 level has been recast as support, with a break back below that targeting a rising trend line set from late July (now at 100.59).

EURJPY_Classic_Technical_Report_10.05.2012_body_Picture_5.png, EURJPY Classic Technical Report 10.05.2012

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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