Forex Analysis: EURJPY Classic Technical Report 10.26.2012
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).
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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