EUR/JPY Technical Analysis - Prices launched a sharp recovery, pushing above resistance at the 23.6% Fibonacci expansion (129.80) to expose the 38.2% mark at 130.93. This barrier is reinforced by a falling trend line set from late July (now at 131.08). A push above that eyes the 50% Fib at 131.85. Alternatively, a move back beneath 129.80 support is at 127.96, the August 12 low.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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