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Forex: EUR/JPY Technical Analysis – Buyers Eye Wedge Top

Forex: EUR/JPY Technical Analysis – Buyers Eye Wedge Top

2013-10-31 03:25:00
Ilya Spivak, Head Strategist, APAC
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Talking Points

  • Prices are carving out a Rising Wedge chart patter, hinting at a reversal lower in the works
  • A break of minor rising trend line support (134.80) exposes 133.10 (23.6% Fib, Wedge bottom)
  • Near-term resistance is in the 135.50-82 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 – Buyers Eye Wedge Top

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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