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

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EUR/JPY Technical Analysis

  • Prices declined as expected after showing a Shooting Star candle below Triangle pattern resistance
  • Break below initial support at 129.82 (23.6% Fib retracement) exposes 127.96 (August 12 low)
  • Reversal above 130.97 (38.2% Fib) targets the 131.90-132.14 area (50% Fib, Triangle top)

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dailyclassics_eur-jpy_1_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Triangle Bottom in Focus

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

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