EUR/JPY Technical Analysis- Prices broke above resistance at 123.31, the major April 2011 swing high, exposing the 38.2% Fibonacci expansion at 124.91. A further push above that aims for the 50% Fib at 127.23. The 123.31 has been recast as near-term support, with a reversal back below that aiming for the 23.6% expansion at 121.87.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE