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Forex: EUR/JPY Technical Analysis – Bearish Scenario Favored

Forex: EUR/JPY Technical Analysis – Bearish Scenario Favored

2013-10-28 07:10:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • A Bearish Engulfing candle setup, Rising Wedge pattern hint at reversal lower
  • Initial support is at 133.10 (23.6% Fib); a break below that eyes 132.28 (Wedge bottom)
  • Near-term resistance is in the 135.50-68 area (Oct 22 high, Wedge top)

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

dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Bearish Scenario Favored

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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