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Forex: EUR/JPY Technical Analysis 01.31.2013

Forex: EUR/JPY Technical Analysis 01.31.2013

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices broke above resistance at 123.31, the major April 2011 swing high, exposing the 38.2% Fibonacci expansion at 124.91. A further push above that aims for the 50% Fib at 127.23. The 123.31 has been recast as near-term support, with a reversal back below that aiming for the 23.6% expansion at 121.87.

Forex_EURJPY_Technical_Analysis_01.31.2013_body_Picture_1.png, Forex: EUR/JPY Technical Analysis 01.31.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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