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Forex: EUR/JPY Technical Analysis – Candle Setup Hints at Bounce

Forex: EUR/JPY Technical Analysis – Candle Setup Hints at Bounce

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices put in a Bullish Engulfing candle pattern, hinting a move higher is ahead
  • Near-term resistance is at 133.39 (23.6% Fib); above that targets 134.03 (38.2% Fib)
  • Rising Wedge support is at 132.75; below that eyes the November 5 low at 132.36

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

dailyclassics_eur-jpy_body_Picture_12.png, Forex: EUR/JPY Technical Analysis – Candle Setup Hints at Bounce

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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