Forex Analysis: EUR/JPY Classic Technical Report 12.17.2012
Prices gapped higher in the wake of Japan’s general election and are now correcting lower, testing below the 61.8% Fibonacci expansion (110.68). A confirmed break below that targets the 50% level at 109.77. Near-term resistance is at 111.42, the March 21 swing high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. 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.