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EUR/JPY Technical Analysis 03.08.2013

EUR/JPY Technical Analysis 03.08.2013

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices are testing above resistance at 125.15, the 23.6% Fibonacci expansion. A confirmed break to the upside targets the February 6 high at 127.70 and the 38.2% level at 129.16. Near-term support is marked by a formerly broken falling trend line at 123.60, with a drop beneath that aiming for the February 25 low at 118.71.

Forex_EURJPY_Technical_Analysis_03.08.2013_body_Picture_5.png, EUR/JPY Technical Analysis 03.08.2013

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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