U.S. Markets close in 1 hr 43 mins

EUR/JPY Technical Analysis 02.05.2013

Ilya Spivak

EUR/JPY Technical Analysis- Prices put in a bearish Dark Cloud Cover candlestick, hinting a move lower is ahead. Initial support is at 120.67, the 23.6% Fibonacci retracement. A break below that targets the 38.2% level at 116.78. Near-term resistance is at 126.96, the February 1 high.

Forex_EURJPY_Technical_Analysis_02.05.2013_body_Picture_1.png, EUR/JPY Technical Analysis 02.05.2013

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.