Forex Analysis: EUR/JPY Classic Technical Report 01.04.2013
Prices pulled back from resistance at 115.28, the 38.2%Fibonacci expansion, to form a Bearish Engulfing candlestick pattern. Near-term support is at 113.50, the 23.6% level. A break below that exposes the 14.6% expansionat 112.39. Alternatively, a reversal above resistance eyes the 50% Fib at 116.71.
Daily Chart - Created Using FXCM Marketscope 2.0
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