EUR/JPY Technical Analysis- Prices put in a Bearish Engulfing candlestick pattern below resistance at 127.79, the 38.2% Fibonacci expansion, and broke below initial support at the 23.6% level (126.35). Continued selling from here aims for the February 5 at 124.01. Alternatively, a reversal above resistance aims for the 50% expansion at 128.97.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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