Forex: EUR/JPY Technical Analysis – Move Lower Hinted Ahead

Ilya Spivak

Fri, Oct 25, 2013, 7:29 AM

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Talking Points

A Bearish Engulfing candle setup, Rising Wedge pattern hint at reversal lower
Initial support is at 133.10 (23.6% Fib); a break below that eyes 132.20 (Wedge bottom)
Near-term resistance is in the 135.50-65 area (Oct 22 high, Wedge top)

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_eur-jpy_body_Picture_11.png, Forex: EUR/JPY Technical Analysis – Move Lower Hinted Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

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

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