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EUR/JPY Technical Analysis 06.03.2013

EUR/JPY Technical Analysis 06.03.2013

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices declined as expected to find support at 130.34, the 23.6% Fibonacci retracement. The pair is now stuck in consolidation, with a break downward aiming for the 38.2% Fib at 128.19. Near-term resistance is marked by the 14.6% level at 131.65. A turn back above that aims for trend line support-turned-resistance at 132.39.

Forex_EURJPY_Technical_Analysis_06.03.2013_body_Picture_5.png, EUR/JPY Technical Analysis 06.03.2013

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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