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EUR/JPY Technical Analysis: Bears Set Signs on Support Below 127.00

EUR/JPY Technical Analysis: Bears Set Signs on Support Below 127.00

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices declined as expected, breaking falling trend line resistance-turned-support set from early April to challenge the 38.2% Fibonacci retracementat 128.19. A further push beneath that eyes the 50% level at 126.45. Alternatively, a move back above the trend line (now at 129.46) aims for the May 22 high at 133.81.

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Bears Set Signs on Support Below 127.00

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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