U.S. Markets closed

Forex Analysis: EUR/JPY Classic Technical Report 12.21.2012

Ilya Spivak

Prices are turning cautiously lower after putting in a Shooting Star candlestick, hinting a reversal may be brewing. Early signs of negative RSI divergence reinforce the possibility of a downside scenario. Initial support lines up at 110.71, the 14.6% Fibonacci retracement, with a break below that exposing the 23.6% mark at 109.62. Near-term resistance is at 112.49, the December 19 high.

Forex_Analysis_EURJPY_Classic_Technical_Report_12.21.2012_body_Picture_1.png, Forex Analysis: EUR/JPY Classic Technical Report 12.21.2012

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.