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EUR/JPY Technical Analysis: Drop Cut Short Sub-130.00

EUR/JPY Technical Analysis: Drop Cut Short Sub-130.00

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis - Prices broke lower as expected after putting in a Bearish Engulfing candlestick pattern. Prices are now recovering from support at 129.76, the 38.2% Fibonacci retracement, to challenge the 23.6% level at 130.90. A break above that aims for rising trend line support-turned-resistance at 132.25. Alternatively, a move below support eyes the 50% Fib at 128.84.

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

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Drop Cut Short Sub-130.00

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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