EURJPY Classic Technical Report 09.05.2012

DailyFX

Prices continue to drift below resistance at the top of a falling channel carved out since late May (99.17). A break above that exposes the 100.00 figure and the upper boundary of a steeper rising channel set from the July 24 low (100.45). Channel bottom support is now at 98.10, with a break below that exposing downside objectives at 97.44 and 96.90.

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EURJPY_Classic_Technical_Report_09.05.2012_body_Picture_5.png, EURJPY Classic Technical Report 09.05.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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