Forex Analysis: EUR/JPY Classic Technical Report 01.15.2013

DailyFX

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.

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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 Dailyfx.com

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