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EUR/JPY Technical Analysis: Uptrend Resumption Ahead?

EUR/JPY Technical Analysis: Uptrend Resumption Ahead?

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices are pushing higher to challenge falling trend line resistance set from late May, a barrier reinforced by the 38.2% Fibonacci expansion at 130.57. A break above that aims for the 50% level at 132.30. Near-term support is at 127.76, with a move beneath that eyeing the April 16 low at 124.95.

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Uptrend Resumption Ahead?

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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