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EUR/JPY Technical Analysis 02.05.2013

EUR/JPY Technical Analysis 02.05.2013

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices put in a bearish Dark Cloud Cover candlestick, hinting a move lower is ahead. Initial support is at 120.67, the 23.6% Fibonacci retracement. A break below that targets the 38.2% level at 116.78. Near-term resistance is at 126.96, the February 1 high.

Forex_EURJPY_Technical_Analysis_02.05.2013_body_Picture_1.png, EUR/JPY Technical Analysis 02.05.2013

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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