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Forex: EUR/JPY Technical Analysis – Trend Resistance Tested Anew

Ilya Spivak

EUR/JPY Technical Analysis - Prices are testing above a falling trend line set from late July (now at 130.41) to challenge the 38.2% Fibonacci expansion at 130.93. A break above that exposes the 50% Fib at 131.85. Near-term support is at 129.80, the 23.6% retracement, with a reversal beneath that eyeing the August 12 low at 127.96.

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dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Trend Resistance Tested Anew

Daily Chart - Created Using FXCM Marketscope 2.0

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

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