EURJPY Classic Technical Report 10.09.2012
Prices reversed back below 101.92, the 23.6% Fibonacci expansion, after breaking the level to the upside yesterday. Sellers now stand to target a rising trend line set from late July (now at 100.80) once again, with a break below that targeting the 100.00 figure and 99.82. The 101.92 level has been recast as resistance once again, with a break back above that exposing the October 5 high at 102.79 and the 38.2% level at 103.35.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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