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EUR/JPY Technical Analysis: Selling Pressure Gains Strength

EUR/JPY Technical Analysis: Selling Pressure Gains Strength

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices are edging lower as expected after putting in a bearish Evening Star candlestick pattern below falling trend line resistance set from late May. The first major layer of support from here is seen at 124.95, the April 16 low. Near-term term resistance is seen at 128.42, the 23.6% Fibonacci expansion, followed by the trend line at 129.13. We have entered short.

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Selling Pressure Gains Strength

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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