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Forex Analysis: EUR/JPY Classic Technical Report 12.05.2012

Forex Analysis: EUR/JPY Classic Technical Report 12.05.2012

Ilya Spivak, Head Strategist, APAC

Prices took out resistance at 106.79, the 61.8%Fibonacci expansion, exposing the 76.4% level at 108.32.However, negative RSI divergence warns of ebbing bullish momentum and hints a reversal may be ahead. The 106.79 level has been recast as support, with a break back below that targeting the 50% Fib at 105.54.

Forex_Analysis_EURJPY_Classic_Technical_Report_12.05.2012_body_Picture_1.png, Forex Analysis: EUR/JPY Classic Technical Report 12.05.2012

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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