U.S. Markets close in 6 hrs 28 mins

EUR/JPY Technical Analysis: Candle Setup Hints at Weakness

Ilya Spivak

EUR/JPY Technical Analysis - Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Initial support is at 130.62, the 23.6% Fibonacci retracement, a barrier reinforced by a rising trend line set from mid-June. A break below that aims for the 38.2% level at 129.54. Near-term resistance is at 132.38, the July 22 high.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Candle Setup Hints at Weakness

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.