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Forex: EUR/JPY Technical Analysis – Wedge Support at Risk

Forex: EUR/JPY Technical Analysis – Wedge Support at Risk

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern
  • Support is in the 132.72-133.01 area (Rising Wedge bottom, 23.6% Fib retracement)
  • Break of support exposes 131.47 (38.2% Fib); resistance is at the 134.00 figure

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

dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Wedge Support at Risk

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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