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Forex: EUR/JPY Technical Analysis – Prices Looking for Direction

Forex: EUR/JPY Technical Analysis – Prices Looking for Direction

Ilya Spivak, Head Strategist, APAC

EUR/JPY Technical Analysis - Prices are consolidating below resistance at 130.93, a level marked by the 38.2% Fibonacci expansion and reinforced by a falling trend line set from late July (130.60). A break higher exposes the 50% Fib at 131.85. Near-term support is at 129.80, the 23.6% retracement, with a reversal beneath that eyeing the August 12 low at 127.96.

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

dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Prices Looking for Direction

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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