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Forex: EUR/JPY Technical Analysis – Euro May Turn Lower

Ilya Spivak

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EUR/JPY Technical Analysis - Prices put in a Shooting Star candlestick below resistance in the 131.85-132.23 area, marked by falling trend line and the 50% Fibonacci expansion, hinting a move lower may be ahead. Near-term support is at 130.93, the 38.2% level, with a drop beneath that eyeing the 23.6% Fib at 129.80. Alternatively, a move above resistance eyes the next upside barriers at 132.77 and 133.91, the 61.8% and 76.4% retracements respectively.

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dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Euro May Turn Lower

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

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