Forex: EUR/JPY Technical Analysis – Wedge Bottom in Focus

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Talking Points

  • Prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern
  • Clearing the 132.58-133.01 area would complete a Rising Wedge, signaling deeper losses
  • Break of support exposes 131.47 (38.2% Fib); resistance is now at the 134.00 figure

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dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Wedge Bottom in Focus

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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