Forex Analysis: EUR/JPY Classic Technical Report 12.13.2012
Prices are testing resistance at 108.87, the 38.2% Fibonacci expansion, with negative RSI divergence warning of ebbing bullish momentum and hinting a pullback may be ahead. Initial support lines up at 107.77, the 23.6% expansion, with a break below that exposing the December 10 low at 105.96. Alternatively, a push above resistance aims for the 50% Fib at 109.79.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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