Forex Analysis: EUR/JPY Classic Technical Report 01.15.2013


Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at 120.13, the 123.6% Fibonacci expansion. Initial support is at 188.87, the 100% Fib, with a break below that aiming for the 76.4% expansion at 117.61. Alternatively, a reversal above 120.13 aims for the 138.2% level at 120.91.

View photo

Forex_Analysis_EURJPY_Classic_Technical_Report_01.15.2013_body_Picture_1.png, Forex Analysis: EUR/JPY Classic Technical Report 01.15.2013

4hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)