U.S. Markets open in 25 mins

EUR/JPY Technical Analysis 04.01.2013

Ilya Spivak

EUR/JPY Technical Analysis- Prices declined as expected after putting in a bearish Harami candlestick pattern. Sellers are now testing below support at 120.43, the 61.8% Fibonacci expansion, with a break below that targeting the 76.4% level at 119.12. Near-term resistance is at 121.49, the 50% Fib, with a reversal back above that eyeing a formerly broken rising trend line now at 122.68.

Forex_EURJPY_Technical_Analysis_04.01.2013_body_Picture_5.png, EUR/JPY Technical Analysis 04.01.2013

Daily Chart - Created Using FXCM Marketscope 2.0

Want to back-test your technical trading strategy? Download the historical data here.

--- 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.