U.S. Markets open in 7 mins

Forex Analysis: EUR/JPY Classic Technical Report 11.26.2012

Ilya Spivak

Prices took out resistance at 105.54, the 50% Fibonacci expansion, exposing the 61.8% barrier at 106.79. A further break above that targets the 76.4% expansion at 108.32. The 105.54 level has been recast as support and is reinforced by a previously broken rising channel top at 105.25.

Forex_Analysis_EURJPY_Classic_Technical_Report_11.26.2012_body_Picture_1.png, Forex Analysis: EUR/JPY Classic Technical Report 11.26.2012

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.