Forex Analysis: EUR/JPY Classic Technical Report 12.27.2012
Prices are testing resistance at 113.50, the 23.6% Fibonacci expansion. A break higher targets the 38.2% level at 115.28. Near-term support is at 112.39, the 14.6% expansion, with a drop below that aiming for the December 21 low at 110.61.
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.