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EUR/JPY Technical Analysis 02.26.2013

EUR/JPY Technical Analysis 02.26.2013

2013-02-26 13:54:00
Ilya Spivak, Head Strategist, APAC
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EUR/JPY Technical Analysis- Prices turned lower as expected after putting in a bearish Evening Star candlestick pattern. Sellers have now broken below the 23.6% Fibonacci retracement at 121.23, exposing the 38.2% level at 117.24. The 121.23 level has been recast as near-term resistance, with a move back above that aiming for 125.21.

Forex_EURJPY_Technical_Analysis_02.26.2013_body_Picture_5.png, EUR/JPY Technical Analysis 02.26.2013

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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