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Forex Analysis: EUR/JPY Classic Technical Report 11.19.2012

Forex Analysis: EUR/JPY Classic Technical Report 11.19.2012

2012-11-19 07:48:00
Ilya Spivak, Sr. Currency Strategist
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Prices broke back above the 23.6% Fibonacci retracement at 102.11 to challenge the underside of a rising trend line set from late July, now at 103.78. A confirmed break above this barrier exposes 104.61 and a channel top at 105.09. The 102.11 level has been recast as support, with a drop back below that targeting the 100.58-94 area, marked by the 38.2% level and the channel bottom.

Forex_Analysis_EURJPY_Classic_Technical_Report_11.19.2012_body_Picture_5.png, Forex Analysis: EUR/JPY Classic Technical Report 11.19.2012

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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