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EUR/JPY Technical Analysis 05.24.2013

EUR/JPY Technical Analysis 05.24.2013

2013-05-24 12:27:00
Ilya Spivak, Head Strategist, APAC
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EUR/JPY Technical Analysis- Prices are testing below support at 131.65, the 14.6% Fibonacci retracement. A break below that targets the 23.6% level at 130.34. Near-term resistance is at 133.79, the May 22 swing high. Negative RSI divergence argues in favor of a downside scenario.

Forex_EURJPY_Technical_Analysis_05.24.2013_body_Picture_5.png, EUR/JPY Technical Analysis 05.24.2013

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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