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Forex Analysis: EURJPY Classic Technical Report 11.09.2012

Forex Analysis: EURJPY Classic Technical Report 11.09.2012

Ilya Spivak, Head Strategist, APAC

Prices broke belowthe 23.6% Fibonacci retracement at 102.11, exposing the 38.2% level at 100.58. A drop through this boundary targets the 100.00 figure and the 50% Fib at 99.34.The 102.11 level has been recast as near-term resistance, with a push back above that exposing the underside of a rising trend line set from late July (now at 103.10).

Forex_Analysis_EURJPY_Classic_Technical_Report_11.09.2012_body_Picture_5.png, Forex Analysis: EURJPY Classic Technical Report 11.09.2012

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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