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EUR/JPY Technical Analysis 02.25.2013

EUR/JPY Technical Analysis 02.25.2013

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices turned lower as expected after putting in a bearish Evening Star candlestick pattern. Sellers now aim to challenge the 23.6% Fibonacci retracement at 121.23, with a break lower exposing the 38.2% level at 117.24. Falling channel resistance is at 125.46. A push above that aims for the February 6 high at 127.70.

Forex_EURJPY_Technical_Analysis_02.25.2013_body_Picture_5.png, EUR/JPY Technical Analysis 02.25.2013

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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