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EUR/JPY Technical Analysis: Prices Flirt with Bearish Reversal

EUR/JPY Technical Analysis: Prices Flirt with Bearish Reversal

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis- Prices pulled back from resistance at 130.72, the 38.2% Fibonacci expansion, to challenge the 23.6% levelat 128.51. This barrier is reinforced by a rising trend line at 128.74. A drop beneath that eyes the 14.6% Fib at 127.15. Alternatively, a move above resistance aims for the 50% expansion at 132.50.

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Prices Flirt with Bearish Reversal

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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