Forex Analysis: EURJPY Classic Technical Report 10.29.2012
Prices broke support at 103.22 after completing a bearish Dark Cloud Cover candlestick pattern to challenge the next downside barrier 102.51. This juncture is reinforced by a rising trend line set from late July, now at 102.05. A break below that exposes the 38.2% Fibonacci retracement at 100.58. Alternatively, a push back above 103.22 targets 104.61.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE