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EUR/JPY Technical Analysis 02.26.2013

Ilya Spivak

EUR/JPY Technical Analysis- Prices turned lower as expected after putting in a bearish Evening Star candlestick pattern. Sellers have now broken below the 23.6% Fibonacci retracement at 121.23, exposing the 38.2% level at 117.24. The 121.23 level has been recast as near-term resistance, with a move back above that aiming for 125.21.

Forex_EURJPY_Technical_Analysis_02.26.2013_body_Picture_5.png, EUR/JPY Technical Analysis 02.26.2013

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

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