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
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