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Forex Analysis: EURJPY Classic Technical Report 10.26.2012

Forex Analysis: EURJPY Classic Technical Report 10.26.2012

Ilya Spivak, Head Strategist, APAC

Prices continue to consolidate below resistance at 104.50, the 50% Fibonacci expansion. A break higher exposes the 105.54-64 area marked by a horizontal pivot level and the 61.8% level. Support lines up at 103.36, the 38.2% Fib. A reversal back below that targets 102.79 and a rising trend line set from late July (101.93).

Forex_Analysis_EURJPY_Classic_Technical_Report_10.26.2012_body_Picture_5.png, Forex Analysis: EURJPY Classic Technical Report 10.26.2012

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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