Forex Analysis: EUR/JPY Classic Technical Report 11.19.2012
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.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.