Prices put in a Bearish Engulfing candlestick pattern below resistance at 120.13, the 123.6% Fibonacci expansion, hinting a move lower is ahead. Initial support is at 188.87, the 100% Fib, with a break below that aiming for the 76.4% expansion at 117.61. Alternatively, a reversal above 120.13 aims for the 138.2% level at 120.91.

Forex_Analysis_EURJPY_Classic_Technical_Report_01.14.2013_body_eurjpy01142013.png, Forex Analysis: EUR/JPY Classic Technical Report 01.14.2013

4hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed