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EUR/JPY Technical Analysis: Yen Trying to Retake Momentum

EUR/JPY Technical Analysis: Yen Trying to Retake Momentum

2013-08-05 09:24:00
Ilya Spivak, Head Strategist, APAC
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EUR/JPY Technical Analysis - Prices are testing below support at 130.90, the 23.6% Fibonacci expansion, with a break lower on a daily closing basis exposing the 38.2% level at 129.76. Near-term resistance is at 131.60, the 14.6% Fib. A reversal above that eyes rising trend line support-turned-resistance now at 132.66.

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

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Yen Trying to Retake Momentum

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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