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EUR/JPY Technical Analysis: Uptrend Resumption Signaled

EUR/JPY Technical Analysis: Uptrend Resumption Signaled

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices broke above resistance at a falling trend line set from the May swing high, exposing the 38.2% Fibonacci expansion at 130.72. A further push above that aims for the 50% level at 132.50. Near-term support is at 128.51, the 23.6% expansion. Our short position has been stopped out.

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

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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