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EUR/JPY Technical Analysis: Yen Claws Back Ground

EUR/JPY Technical Analysis: Yen Claws Back Ground

Ilya Spivak, Head Strategist, APAC

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.

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Yen Claws Back Ground

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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