EURJPY Classic Technical Report 10.03.2012
Prices are bounding from support at 100.13, marked by the 38.2% Fibonacci retracement and reinforced by a rising trend line set from late July as well as the psychologically significant 100.00 figure. Initial resistance lines up at 101.55, the 23.6% level, with a push above that targeting the September 17 high at 103.85. Alternatively, a reversal through support exposes the 50% Fib at 98.98.
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, send a note with subject line "Distribution List" to ispivak@dailyfx.com
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.
