Forex Analysis: EURJPY Classic Technical Report 10.29.2012

Ilya Spivak

Prices broke support at 103.22 after completing a bearish Dark Cloud Cover candlestick pattern to challenge the next downside barrier 102.51. This juncture is reinforced by a rising trend line set from late July, now at 102.05. A break below that exposes the 38.2% Fibonacci retracement at 100.58. Alternatively, a push back above 103.22 targets 104.61.


Forex_Analysis_EURJPY_Classic_Technical_Report_10.29.2012_body_Picture_5.png, Forex Analysis: EURJPY Classic Technical Report 10.29.2012
Forex_Analysis_EURJPY_Classic_Technical_Report_10.29.2012_body_Picture_5.png, Forex Analysis: EURJPY Classic Technical Report 10.29.2012

Daily Chart - Created Using FXCM Marketscope 2.0




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


To contact Ilya, e-mail ispivak@dailyfx.com. 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.