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EUR/JPY Technical Analysis: Yen Rally Stalls Above 128.00

EUR/JPY Technical Analysis: Yen Rally Stalls Above 128.00

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis - Prices rebounded from support at 128.31, the 50% Fibonacci expansion, to retest the 38.2% level at 129.35. A break back above that aims for the 23.6% Fib at 130.65. Alternatively, a reversal below support targets the 61.8% expansion at 127.26.

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

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Yen Rally Stalls Above 128.00

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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