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EUR/JPY Technical Analysis 03.28.2013

EUR/JPY Technical Analysis 03.28.2013

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices declined as expected after putting in a bearish Harami candlestick pattern. Sellers are now testing below support at 120.43, the 61.8% Fibonacci expansion, with a break below that targeting the 76.4% level at 119.12. Near-term resistance is at 121.50, the 50% Fib, with a reversal back above that eyeing a formerly broken rising trend line now at 122.41.

Forex_EURJPY_Technical_Analysis_03.28.2013_body_Picture_5.png, EUR/JPY Technical Analysis 03.28.2013

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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