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EUR/JPY Technical Analysis 02.15.2013

Ilya Spivak

EUR/JPY Technical Analysis- Prices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support is at 123.70, the 14.6% Fibonacci retracement. A break below that exposes the 23.6% mark at 121.23. Near-term resistance is at 127.70, the February 6 high.

Forex_EURJPY_Technical_Analysis_02.15.2013_body_Picture_5.png, EUR/JPY Technical Analysis 02.15.2013

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

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