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Forex Analysis: EUR/JPY Classic Technical Report 12.10.2012

Forex Analysis: EUR/JPY Classic Technical Report 12.10.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support lines up at 106.15, the 23.6% Fibonacci retracement, with a drop below that targeting channel top resistance-turned-support at 105.55 and the 38.2% Fib at 105.03. Near-term resistance is at 107.95, the December 5 high.

Forex_Analysis_EURJPY_Classic_Technical_Report_12.10.2012_body_Picture_1.png, Forex Analysis: EUR/JPY Classic Technical Report 12.10.2012

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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