Forex: EUR/JPY Technical Analysis – Key Wedge Support Broken
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- Breaking the bottom of a Rising Wedge chart pattern hints a larger downward reversal is at hand
- Initial support is at 131.47 (38.2% Fib retracement); below that eyes 130.22 (50% Fib)
- Wedge bottom support-turned-resistance is now at 132.82
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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