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Forex Analysis: EURJPY Classic Technical Report 10.29.2012

Ilya Spivak

Prices broke support at 103.22 after completing a bearish Dark Cloud Cover candlestick pattern to challenge the next downside barrier 102.51. This juncture is reinforced by a rising trend line set from late July, now at 102.05. A break below that exposes the 38.2% Fibonacci retracement at 100.58. Alternatively, a push back above 103.22 targets 104.61.

Forex_Analysis_EURJPY_Classic_Technical_Report_10.29.2012_body_Picture_5.png, Forex Analysis: EURJPY Classic Technical Report 10.29.2012

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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