EUR/JPY Technical Analysis 03.29.2013
EUR/JPY Technical Analysis- Prices declined as expected after putting in a bearish Harami candlestick pattern. Sellers are now testing 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 122.55.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.