EUR/JPY Technical Analysis- Prices are recoiling from resistance at 125.57, the 76.4% Fibonacci retracement. This barrier is reinforced by the underside of a previously broken rising trend line (now at 126.21). Initial support is at 124.26, the 61.8% level, with a break below that exposing the 50% Fib at 123.20. Alternatively, a reversal above 126.21 targets the February 6 high at 127.70.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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