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EUR/JPY Technical Analysis: Euro Inches Back from Trend Line

EUR/JPY Technical Analysis: Euro Inches Back from Trend Line

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices put in a bearish Evening Star candlestick pattern below falling trend line resistance set from late May (129.32), hinting a move lower is ahead. A reversal from here sees the first major layer of support at 124.95, the April 16 low. Alternatively, a push above resistance targets the 38.2% Fibonacci expansion at 130.57. We have entered short.

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Euro Inches Back from Trend Line

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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