EURJPY Classic Technical Report 10.05.2012
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).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.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 firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.