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EUR/JPY Technical Analysis 02.06.2013

EUR/JPY Technical Analysis 02.06.2013

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices put in a Bearish Engulfing candlestick pattern below resistance at 127.79, the 38.2% Fibonacci expansion, and broke below initial support at the 23.6% level (126.35). Continued selling from here aims for the February 5 at 124.01. Alternatively, a reversal above resistance aims for the 50% expansion at 128.97.

Forex_EURJPY_Technical_Analysis_02.06.2013_body_Picture_1.png, EUR/JPY Technical Analysis 02.06.2013

4hr 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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