Prices broke above resistance at 121.47 marked by the 61.8 Fibonacci expansion and a rising channel top, exposing the 76.4% barrier at 122.50. A further push above that aims for the 100% Fib at 124.19. The 121.47 mark has been recast as support, with a reversal back below that looking to challenge the 50% expansion at 120.64.

Forex_Analysis_EURJPY_Classic_Technical_Report_01.25.2013_body_Picture_1.png, Forex Analysis: EUR/JPY Classic Technical Report 01.25.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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