EUR/JPY Technical Analysis: Euro Inches Back from Trend Line

Ilya Spivak


EUR/JPY Technical Analysis- Prices put in a bearish Evening Star candlestick pattern below falling trend line resistance set from late May (129.32), hinting a move lower is ahead. A reversal from here sees the first major layer of support at 124.95, the April 16 low. Alternatively, a push above resistance targets the 38.2% Fibonacci expansion at 130.57. We have entered short.


dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Euro Inches Back from Trend Line
dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Euro Inches Back from Trend Line

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com


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