EUR/JPY Technical Analysis: Yen Claws Back Ground
EUR/JPY Technical Analysis- Prices broke support marked by a rising trend line set from mid-November 2012 and the 32.8% Fibonacci retracementat 128.19. Sellers are now testing through the 50% level at 126.45, with close beneath that eyeing the 61.8% Fib at 124.72. Alternatively, a close back above the trend line (now at 128.63) targets a downward-sloping resistance level at 131.00.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. 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.