EUR/JPY Technical Analysis 02.22.2013
EUR/JPY Technical Analysis- Prices turned lower as expected after putting in a bearish Evening Star candlestick pattern, completing a Descending Triangle chart pattern with a break below the 14.6% Fibonacci retracement at 123.70. Sellers now aim to challenge the 23.6% level at 121.23, although the Triangle setup implies a measured downside target at 119.70. The 123.70 mark has been recast as near-term resistance.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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