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EUR/JPY Technical Analysis: Candle Setup Hints at Weakness

EUR/JPY Technical Analysis: Candle Setup Hints at Weakness

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis - Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Initial support is at 130.62, the 23.6% Fibonacci retracement, a barrier reinforced by a rising trend line set from mid-June. A break below that aims for the 38.2% level at 129.54. Near-term resistance is at 132.38, the July 22 high.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Candle Setup Hints at Weakness

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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