U.S. Markets open in 6 hrs 34 mins

Forex Analysis: EUR/JPY Classic Technical Report 12.17.2012

Ilya Spivak

Prices gapped higher in the wake of Japan’s general election and are now correcting lower, testing below the 61.8% Fibonacci expansion (110.68). A confirmed break below that targets the 50% level at 109.77. Near-term resistance is at 111.42, the March 21 swing high.

Forex_Analysis_EURJPY_Classic_Technical_Report_12.17.2012_body_Picture_1.png, Forex Analysis: EUR/JPY Classic Technical Report 12.17.2012

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.