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EUR/JPY Technical Analysis: Prices Aim Below 129.00

EUR/JPY Technical Analysis: Prices Aim Below 129.00

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis - Prices broke lower as expected after putting in a Bearish Engulfing candlestick pattern. Prices are testing support at 129.76, the 38.2% Fibonacci retracement, with a push beneath that targeting the 50% mark at 128.84. Near-term resistance is at 130.90, the 23.6% Fib. A reversal above that eyes a rising trend line at 132.04.

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

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Prices Aim Below 129.00

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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